Lum Chang Holdings has signed an MoU with Tien Wah Press Holdings Berhad to study co-developing a mixed-use commercial property at No. 9 and 11 Jalan Semangat, 46200 Petaling Jaya, Selangor.
Lum Chang believes the development could represent a “prime investment opportunity to expand the group's property and development portfolio in Malaysia”.
New Toyo International Holdings, which is listed on the Singapore Exchange, is the ultimate holding company of Tien Wah Press.
Under the terms of the MoU, the two parties have agreed to explore a joint venture to develop the land which is currently zoned for industrial use.
Lum Chang says they will apply to the relevant authorities in Malaysia for change of use of the land to commercial, which will then be developed into a mixed-use commercial development.
“The JV Parties may if deemed appropriate apply to extend the lease of the land to not less than 99 years,” says Lum Chang in its filing.
Lum Chang closed 8.2% lower at 33.5 cents on Monday while New Toyo International closed 2.2% lower at 22.5 cents.
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Lum Chang believes the development could represent a “prime investment opportunity to expand the group's property and development portfolio in Malaysia”.
New Toyo International Holdings, which is listed on the Singapore Exchange, is the ultimate holding company of Tien Wah Press.
Under the terms of the MoU, the two parties have agreed to explore a joint venture to develop the land which is currently zoned for industrial use.
Lum Chang says they will apply to the relevant authorities in Malaysia for change of use of the land to commercial, which will then be developed into a mixed-use commercial development.
“The JV Parties may if deemed appropriate apply to extend the lease of the land to not less than 99 years,” says Lum Chang in its filing.
Lum Chang closed 8.2% lower at 33.5 cents on Monday while New Toyo International closed 2.2% lower at 22.5 cents.
Click Here To Register For Free Trial Services OR Give A Missed Call : +6531581402 Follow Us On Twitter : www.twitter.com/epicresearchsg Like Us On Facebook : www.facebook.com/EpicResearchSingapore Need Any Assistance Feel Free To Mail Us at : info@epicresearch.sg
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