Spring Gallery to undertake concept masterplan for Malacca land

PETALING JAYA: Spring Gallery Bhd, whose shareholders approved its diversification into property development earlier in April, has entered into a concept masterplan agreement with Arena Progresif Sdn Bhd (APSB) for 76,386 sq -m of land in Pekan Klebang, Malacca.

In a filing with Bursa Malaysia yesterday, the group said its wholly owned subsidiary Million Rich Development Sdn Bhd (MRDSB) has been given the rights to carry out and complete the concept masterplan for the land.

Spring Gallery said its strategic masterplan service is complementary to the property development business, and hopes that this service would widen the group’s stream of revenue source as well as widen its scope of capabilities and improve its financial position.

MRDSB also has an eye to combine the development land with other parcels of land to be identified, to develop a large scale commercial project. It will appoint consultants, contractors, advisers and professionals necessary for the concept masterplan, at its own cost and expense.

MRDSB will also make all the necessary applications required to obtain the requisite consents for the concept masterplan. All relevant plans, documents and submissions prepared by MRDSB will remain the property of MRDSB. It will also bear all costs and expenses incidental to and in connection with the carrying out and completion of the concept masterplan.

Meanwhile, APSB will bear all quit rent, assessment, charges, rates, taxes and other outgoings payable in respect of the development land. It will also bear all costs and expenses for obtaining the requisite consents.