Oxley Holdings said on Thursday that its wholly owned subsidiary, Oxley Diamond, entered a joint venture agreement with Trinity Assets to develop land in Selangor, Malaysia.
Under the agreement Trinity Assets was given exclusive rights to develop the 19,098 square meters of vacant land owned by Oxley Diamond into a housing, commercial and/or mixed-use development, it said in a filing to SGX after the market close on Thursday.
Oxley Diamond will be paid the cost of the land, at 138 million ringgit and a percentage of the development profit, it said.
Trinity Assets, a wholly owned subsidiary of Trinity Group, will have sole discretion to determine the development’s design on a joint-venture basis, it said.
The agreement is conditional upon planning approval from relevant authorities being obtained within 24 months, subject to extension, it said.
Trinity Asseets is expected to begin building works withing six months from the receipt of approvals or official launch of the units, which ever is later, and complete works within as long as 60 months, depending on the approved density for the project, it said.
Trinity Group is a high-end boutique developer with a presence in Klang Valley, Malaysia, and a portfolio of residential, mixed commercial and industrial developments, it said.