Ho Hup, Kosma in JV for RM180m Kuantan project

PETALING JAYA: Ho Hup Construction Co Bhd, its wholly owned subsidiary Ho Hup Ventures (Kuantan) Sdn Bhd and Koperasi Serbausaha Makmur Bhd (Kosma) have entered into a joint venture agreement for the proposed development of a parcel of freehold commercial land in Kuantan, Pahang, with an estimated gross development value of RM180 million.

Kosma is a cooperative society and the legal proprietor and beneficial owner of the land.

Ho Hup Ventures is principally involved in property development, construction and investment holding.

The site will be developed into a mixed project consisting of a podium floor, car parks, hotel lobby and retail shops; a seven-storey, three-star-rated hotel; three commercial office floors; and a 23-storey block of serviced apartments.

The board of Ho Hup is of the view that the land is situated in the prime hotel/commercial locality in Kuantan with a riverfront view (Sungai Pahang) and sea view (South China Sea). It is a prime grade A commercial land with surrounding existing development enclave of hotels like Seri Malaysia Hotel, Vistana Hotel, MS Garden Hotel and prime commercial office and shopping malls such as Berjaya Megamall and East Coast Mall.

Ho Hup proposes to use internally generated funds and/or external borrowings for the proposed joint venture.

On Bursa Malaysia yesterday, Ho Hup closed unchanged at 49 sen with 117,400 shares done.