Nexgram ends JV to develop Angkasa Icon City

PETALING JAYA: Nexgram Holdings Bhd has discontinued its joint-venture (JV) with Seychelles-incorporated China Asian Capital Holdings Ltd (CACH), within barely seven months of forming the partnership to develop Angkasa Icon City.

In a filing with Bursa Malaysia, the loss-making company announced that the joint-venture between its wholly-owned subsidiary Nexgram Land Sdn Bhd and CACH has been nullified, as both parties could not agree on commercially viable terms.

“The agreement had lapsed on Aug 18, 2017. Both parties had met three times to discuss on the project before deciding on the discontinuance. It is mainly due to the inability to reach agreeable commercially viable terms,” said Nexgram.

The statement did not provide further clarity on the next course of action for the Angkasa Icon City development.

CACH and Nexgram Land established the joint-venture on May 19 this year to develop Angkasa Icon City, a mixed commercial development project in Cyberjaya.

The project has an estimated gross development value of RM1.15bil and an estimated gross development cost of between RM600mil and RM650mil.

Angkasa Icon City was planned to have one block of hotel, one block of serviced office virtual office or SOVO and a block of serviced suite apartments.