KUALA LUMPUR: OCR Group Bhd, through its wholly owned subsidiary, Junjung Simfoni Sdn Bhd (JSSB), today entered into a joint venture agreement (JVA) with Casa Bangsar Sdn Bhd (CBSB) for an integrated mixed development across 47.87 acres of land located in Tebrau, Johor, with a total gross development value (GDV) of RM700 million.
Works will commence within three months and is targeted for completion in five years.
The project will be constructed in two phases, comprising 320 units of double-storey terrace link houses, with built-up area of 1,500 to 1,900 sq ft per unit, located at Bandar Dato’ Onn (first phase) and proposed mixed commercial development – serviced apartments and shopping complex (second phase).
OCR will be entitled to 70% and CBSB will be entitled for 30% of profit upon completion of construction of this project.
OCR group managing director Billy Ong Kah Hoe said this JVA is in line with its growth strategy to enhance its business operations and to create a significant income stream for the group.
The company’s share price was up half a sen to close at 40.5 sen, with some 178,000 shares done.