PETALING JAYA: Kumpulan Jetson Bhd has announced that the heads of agreement between its unit Jetson Development Sdn Bhd and Fortress Effect Sdn Bhd for the joint development of a luxury residential development project in Penang, to be known as “The Macalister,” had been mutually terminated.

“Upon the mutual termination, neither party shall have any claims against the other whatsoever,” Kumpulan Jetson said in a note to Bursa Malaysia yesterday.

“The mutual termination is not expected to have any material effect on the earnings, net asset and gearing of Jetson and the group for the financial year ending Dec 31,” it added.

According to reports, the project was slated to be developed on three pieces of freehold land in George Town, Penang.

China-based Everbright International Engineering Sdn Bhd was initially appointed the designated contractor to undertake the construction and completion of the project on a joint-venture basis.

Kumpulan Jetson’s entitlement under the proposed joint development was to be 30% of the gross development value, with Fortress Effect taking the remaining 70% stake.

Source: The Star