Wednesday, June 8, 2011

Bukit Jalil Drama: Ho Hup wins back its 60-acre land

Ho Hup wins back its 60-acre land

KUALA LUMPUR: Ho Hup Construction Co Bhd has won back a piece of prime land in Bukit Jalil after the Kuala Lumpur High Court declared null and void a joint development agreement (JDA) that was long deemed unfavourable by the company's existing shareholders.

Ho Hup's previous board of directors, led by former deputy chairman Datuk Vincent Lye Ek Seang, had inked a JDA between the PN17 company's 70% subsidiary, Bukit Jalil Development Sdn Bhd (BJD), and a wholly-owned entity of Malton Bhd, Pioneer Haven Sdn Bhd, for the development of the 60-acre freehold land.

Meanwhile, the company has received conditional approval from DBKL for plans for the 60-acre land, according to Wong.

The masterplan involves a mixed commercial and residential scheme with a potential GDV of RM4.2 billion, to be rolled out in six phases over 10 years.

"The plan involves 8 million square feet of net saleable area with 170 office units in five- and eight-storey buildings, six blocks of service apartments, a commercial strip of shops and a hotel," said Wong.

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