Thursday, 11 October 2012
Malton Enters Batu Kawan
Malton has announced on 10 October 2012 that, Silver Setup Sdn Bhd ("SSSB"), its wholly-owned subsidiary, had entered into a Joint Development Agreement with Batu Kawan Development Sdn Bhd (formerly known as Abad Naluri Sdn Bhd) for the proposed joint development of a piece of land situated at Batu Kawan, Mukim 13, Seberang Perai Selatan, Pulau Pinang measuring approximately 300 acres.
A Thriving Township of the Future
This leasehold land is likely to be located at the southern region of Batu Kawan near Penang 2nd bridge. It is purchased by Abad Naluri in March 2011 from Penang Development Corporation for purpose of mixed commercial & residential development.
Is the above-mentioned land no.6?
The proposed development is estimated to be worth RM3.8bil and will be completed in phases over 10 years. Malton shall be entitled to 82% of the GDV base on the joint development agreement.
With the "handover" of this project to Malton, Equine should be able to concentrate on its Crescentia Park township project at the north of Batu Kawan.
Malton & Equine, who is a better developer?