KUALA LUMPUR: Vizione Holdings Bhd has accepted a letter of intent (LOI) from Pan Sejati Development (M) Sdn Bhd to jointly develop 2,000 units of residential homes under Rumah Wilayah Persekutuan (RUMAWIP)and 1,800 units of affordable homes in Putrajaya.
The move will see Pan Sejati and Vizione’s unit Vizione Development forming a 60:40 joint venture with the former holding the larger stake.
To facilitate the JV, Vizione has acquired a special purpose vehicle (SPV) which will be used to represent the parties’ equity interest in the project.
Construction works for the project will be exclusively awarded to Wira Syukur (M) Sdn Bhd, which is a wholly-owned subsidiary of the Vizione.
Vizione said the JV would be in line with Vizione’s strategic business plans to focus on its core strength of construction and development of affordable homes which will continue to have strong demand in the Klang Valley.
It would be expected to contribute positively to the profitability and growth of the Group in the coming future, the company added.
The affordable housing project will be next to the development of public transportation terminal project and a Bumiputera vendor centre project.
The public transportation terminal project will be an integrated transit-oriented development with connectivity with the existing Putrajaya Sentral Terminal and Express Rail Link (ERL) and the new second-line Mass Rapid Transit (MRT) and TRAM services in Putrajaya.
The Bumiputera vendor centre project is a development with 215,400 square foot of retail space offered exclusively to any small and medium business owners offering quality daily goods and products to the Putrajaya community.
The overall cost of the three projects is estimated to be at RM2.3 billion.