Malayisa: Tan & Tan Developments and MJR Investment have announced plans to jointly develop land in Kuala Lumpur city centre with a GDV of RM617 million (£118 million).
The companies entered into a joint-venture agreement through an equity participation in Cipta Klasik (M) Sdn Bhd, a single purpose vehicle set up for the purpose of this development, with Tan & Tan owning a 70 per cent stake and MJRI holding the remaining 30 per cent.
Tan & Tan Developments CEO Tan Boon Lee said the 41-storey property will feature 400 serviced apartments ranging in size from 688 to 1,313 square feet.
The project will launch in mid-2015 and will compete in 2018, he said.
Tan added that both companies were looking at long-term relationships and future collaborations beyond the current development.
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