M’sia: Crest Builder and Prasarana in $304M residential suites and offices projects

Crest Builder Holdings Bhd and Syarikat Prasarana Negara Bhd have agreed on a joint development project using vacant land around the Kelana Jaya LRT station in Petaling Jaya, Malaysia.

The proposed development comprises serviced residential suites and offices on land over 2 hectares.

The project will have a gross development value (GDV) of over RM1 billion (US$304 million).

In a filing to Bursa Malaysia today, Crest Builder said its wholly-owned subsidiary, Crest Builder International Sdn Bhd, will undertake the venture.

Prasarana will be entitled to 24.8% of the gross development value, the filing said.