Blumont Group inks JV to develop land in Selangor

It will get at least RM25m for the deal.

Blumont Group’s subsidiary Trackplus has inked a joint venture agreement with Eminent Envisage to develop a 7,863 sqm plot of land in Selangor, Malaysia.

Trackplus is the registered and beneficial owner of the JV Land while the Eminent Envisage will undertake residential and/or commercial development on the land.

Under the JV Agreement, the the developer will pay Trackpuls a consideration of either 20% of the Gross Sales Value or RM25 million, whichever is higher.

Trackplus will be paid a sum of RM500,000 in cash on the execution of the JV Agreement. The remaining sum will be paid in cash or units in the project.

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