PETALING JAYA: Property firm Malton Bhd’s wholly-owned subsidiarySilver Setup Sdn Bhd (SSSB) has entered into a joint-development agreement with Batu Kawan Development Sdn Bhd to jointly develop a 300-acre piece of land in Batu Kawan, Penang into a mixed commercial and residential development with a gross development value of RM3.8bil.

Malton told Bursa Malaysia yesterday that the proposed development was due for completion in phases over 10 years, subject to extension.

SSSB was responsible for the entire development financing, which would be funded by internal generated funds and/or bank borrowings, the proportion to be determined later, it said.

Source: The Star