PETALING JAYA (Sept 26, 2013): Sime Darby Property Bhd, which has been in talks with lifestyle property developer Eastern & Oriental Bhd (E&O) for a strategic partnership to develop parts of the former’s township projects in the Klang Valley, yesterday announced the first such potential collaboration within the 843-acre Elmina West estate in Sungai Buloh, Selangor.
E&O and Sime Darby’s unit Sime Darby Property Bhd yesterday signed a memorandum of agreement, which will provide the platform for the two companies to negotiate the terms of a sale and purchase agreement as well as the purchase price for E&O’s proposed acquisition of a 135-acre parcel of land at Elmina West from Sime Darby Property.
E&O plans to develop the land based on a “wellness” theme, consisting of both commercial and residential properties.
E&O told Bursa Malaysia yesterday that the the purchase consideration of the land is expected to be funded via internal funds and/or external borrowings.
“The development, if it materialises, will represent the first township development of the E&O Group in the Klang Valley, which could potentially be a vital new growth engine for the group. The development is (also) expected to enhance the branding of E&O,” said the group.
Published on: Thursday, 26 September 2013