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KUALA LUMPUR: Tan & Tan Developments Bhd today signed a joint venture agreement with MJR Investments Pte Ltd (MJRI) to develop a land in the Kuala Lumpur City Centre area with a gross development value of RM617 million.

The deal sees the company taking part in the joint venture via an equity participation in Cipta Klasik (M) Sdn Bhd, a special purpose vehicle set up for the development.

Tan & Tan holds 70 per cent stake in Cipta Klasik, while MJRI owns the remaining 30 per cent.

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