SYF Resources Bhd is teaming up with two landowners to develop 8.09 acres of freehold land in Sungai Long, Cheras into a residential project with a gross development value (GDV) of RM160mil.
It said on Monday its unit SYF Development Sdn Bhd had signed joint venture agreements with Luxmark View Sdn Bhd and Sheeco Properties Sdn Bhd to develop the land.
SYF added SYF Development would carry out a residential project comprising of condominiums and Rumah Selangorku on the site.
It added Luxmar would be entitled to RM16.2mil and Sheeco RM14.88 million for the land.
"The total landowners' entitlement of RM31.08mi has been arrived at on a negotiated basis and taking into account the expected gross development value of a minimum of RM160mil," it said.
"Such entitlement will be paid progressively from the collection of sales proceeds arising from the future development of the land," it said.
SYF Resources said the JV agreements were subject to a condition precedent of a minimum allowed density of 60 units per acre when the building plans are approved.
