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KUALA LUMPUR: Equine Capital Bhd is seeking to revoke a sales and purchase agreement (SPA) entered August last year with Jelang Puncak Sdn Bhd for a piece of leasehold land in Selangor.
In a filing to Bursa Malaysia on Thursday, Jan 27, the developer said the revocation took place because the SPA has not been completed as the conditions precedent stated have yet to be fulfilled.
It is subsequently seeking to enter into a strategic partnership via a joint venture arrangement with Jelang Puncak to facilitate the immediate commencement of development activities on the land. It had on the same day entered into a joint development agreement (JDA) for the development of the land.
In Aug 19, 2010, its wholly-owned subsidiary Taman Equine (M) Sdn Bhd entered into a SPA with Jelang Puncak for the acquisition of a piece of leasehold land measuring approximately 64,303 sq m for RM47.4 million.
"Under the JDA, JPSB had granted the sole and exclusive development rights to Taman Equine (M) for the development of the land. The proposed development is expected to comprise 177 units of properties comprising 138 units two, three and five storey shop offices and 39 units of low-cost shops within a multi-storey car park, on the land with an estimated gross development value of RM198.1 million. Taman Equine (M) plans to commence the proposed development in early 2011 with target completion in 2013," it added.
It noted that the JDA is to enable Taman Equine (M) to secure immediate rights to develop the land albeit through an alternative arrangement in order to progress with Taman Equine (M)'s earlier intention (in the revoked SPA) of development activities on the land to contribute to the medium and long-term profitability of the company and to enhance the return to its shareholders.
The land has a leasehold tenure of 99 years expiring on Sept 18, 2093, and is zoned for commercial use. The land is presently used for recreation and equestrian activities, and is presently subject to a private caveat lodged by Affin Bank Bhd.
In a filing to Bursa Malaysia on Thursday, Jan 27, the developer said the revocation took place because the SPA has not been completed as the conditions precedent stated have yet to be fulfilled.
It is subsequently seeking to enter into a strategic partnership via a joint venture arrangement with Jelang Puncak to facilitate the immediate commencement of development activities on the land. It had on the same day entered into a joint development agreement (JDA) for the development of the land.
In Aug 19, 2010, its wholly-owned subsidiary Taman Equine (M) Sdn Bhd entered into a SPA with Jelang Puncak for the acquisition of a piece of leasehold land measuring approximately 64,303 sq m for RM47.4 million.
"Under the JDA, JPSB had granted the sole and exclusive development rights to Taman Equine (M) for the development of the land. The proposed development is expected to comprise 177 units of properties comprising 138 units two, three and five storey shop offices and 39 units of low-cost shops within a multi-storey car park, on the land with an estimated gross development value of RM198.1 million. Taman Equine (M) plans to commence the proposed development in early 2011 with target completion in 2013," it added.
It noted that the JDA is to enable Taman Equine (M) to secure immediate rights to develop the land albeit through an alternative arrangement in order to progress with Taman Equine (M)'s earlier intention (in the revoked SPA) of development activities on the land to contribute to the medium and long-term profitability of the company and to enhance the return to its shareholders.
The land has a leasehold tenure of 99 years expiring on Sept 18, 2093, and is zoned for commercial use. The land is presently used for recreation and equestrian activities, and is presently subject to a private caveat lodged by Affin Bank Bhd.
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