MALAYSIA: Property developer Encorp has teamed up with Touch Group Holdings to to construct a development including serviced apartments.
Encorp Construction & Infrastructure Sdn Bhd has signed a JV agreement with Touch Group’s unit Touch Millennium Sdn Bhd (TMSB), which is the landowner, for the proposed project. Encorp will own a 70 per cent stake in the JV company while TMSB will own the rest.
The proposed joint venture, on a 4.97-acre site in Kuantan, Pahang, will include retail, leisure, parking and serviced apartments.
The development is expected to start early next year and take around four years to complete.
Last week SAN reported that TAFI Industries Bhd signed a RM115 million (£22m) contract with Magna Prima Bhd to build serviced apartments in Kuala Lumpur. The contract is for the development and construction of serviced apartments at Metro Kepong and Kepong Baru in Kuala Lumpur.
