- Property developer Eastern & Oriental (E&O) has announced that the construction of infrastructure at the 54.6 hectares freehold land in Elmina West will be carried out over the next three years.
- According to the sales and purchase agreement, Sime Darby Elimina (SDED), from whom the firm acquired the land, will continue with the construction work on the land.
- The group had acquired the land from SDED for RM239.8 million – consists of RM192.8 million fully paid and RM47 million construction costs, of which 90 percent of the sum will be paid in equal instalments.
Significance: The project has a baseline gross development value (GDV) of RM1.5 billion and will consists of semi-detached houses, cluster houses, double-storey linked houses, condominiums, service apartments and a wellness centre. According to the agreement, E&O would share 20% of the proceeds with Sime Darby, should the value exceed the baseline GDV.
Contributed by Shares Investment
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