YAYASAN PA­HANG, O&C INK RM166M DEAL

Mixed devel­op­ment set to start in first half of next year

New Straits Times - - Business -

O&C RE­SOURCES Bhd, via its 90 per cen­towned O&C Prop­er­ties (Kuan­tan) Sdn Bhd, has signed a joint-ven­ture agree­ment with Yayasan Pa­hang to un­der­take a RM166 mil­lion mixed-devel­op­ment project in Pa­hang.

The project would con­sist of a com­mer­cial devel­op­ment and an af­ford­able hous­ing scheme known as the PRIYA Scheme. It will be un­der­taken on a 50:50 joint ven­ture.

Works were ex­pected to be­gin in the first half of next year, said O&R man­ag­ing direc­tor Billy Ong Kah Hoe.

Ong is hop­ing for more col­lab­o­ra­tions with Yayasan Pa­hang.

“We be­lieve the suc­cess of the agree­ment stems from a re­lent­less fo­cus on in­no­va­tion, creativ­ity, and ex­e­cu­tion.

“The de­liv­ery of this project not only pro­vides us with ac­cess to the prop­erty mar­ket in Kuan­tan, but also raises the vis­i­bil­ity of our brand as we con­tinue to build qual­ity pro­jects with unique fea­tures, and fa­cil­i­ties that will en­rich lives and en­hance life­styles,” he said.

“The con­struc­tion and prop­erty devel­op­ment in­dus­try in Malaysia is seen to be con­sis­tently ro­bust due to the in­vest­ment pref­er­ence of lo­cals and cer­tain for­eign­ers who pre­fer lo­cal real es­tate in­vest­ments.

“We also be­lieve the fu­ture devel­op­ment on the land will con­trib­ute pos­i­tively to our fi­nan­cial earn­ings,” he added.

PIC BY FARIZUL HAFIZ AWANG

Yayasan Pa­hang gen­eral man­ager Datuk Mah­mud Mohd Nawawi (sec­ond from left) with O&C Re­sources Bhd man­ag­ing direc­tor Billy Ong Kah Hoe (sec­ond from right) at the PRIYA Scheme sign­ing cer­e­mony yes­ter­day.

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