Bina Puri signed JV development with Kensington for a commercial and SOVO concept

Bina Puri signed JV development with Kensington for a commercial and SOVO concept
Business & Markets 2013
Written by Bernama
Tuesday, 17 September 2013 20:08

TUARAN, Kota Kinabalu (Sept 17): Bina Puri PROPERTIES [] Sdn Bhd, a wholly-owned subsidiary of BINA PURI HOLDINGS BHD [], today had entered into a development agreement with Kensington Development Sdn Bhd for a joint venture development of 8 Avenue, a commercial mall and small office versatile office (SOVO) units at Jalan Tuaran Bypass, Kota Kinabalu, Sabah.

8 Avenue project is a 13-storey development consisting of 55 units commercial lots (14 units of 2 storey/ duplex commercial and 41 units of single storeycommercial) and 259 units of SOVO. These SOVO units consist of;

a) Sovo Type A 699.7 sqft 99 units
b) Sovo Type B 807 sqft 54 units
c) Sovo Type C 516.48 sqft 65 units
d) Sovo Type Ca 645.85 sqft 7 units
e) Sovo Duplex Type D 785.77 sqft 9 units
f) Sovo Duplex Type E 740.02 sqft 16 units
g) Sovo Type F 335.4 sqft 9 units

With this new joint venture project signed, it will contribute positively to the Group property’s earnings.8 Avenue with gross development value (GDV) of RM148 million, has added into RM2.628 billion gross development value (GDV) of Bina Puri’s property projects which covers the Klang Valley and East Malaysia.

8 Avenue is the fifth (5) development projects for Bina Puri in Kota Kinabalu, Sabah.

With our strong reputation that Bina Puri has established in Kota Kinabalu, Sabah in the CONSTRUCTION [] industry and property development activities here, we are confident 8 Avenue will be among the successful SOVO concept to be promoted here.

Furthermore, with the trust given by Kensington Development Sdn Bhd, the landowner and the well known developer in Kota Kinabalu Township, to jointly develop 8 Avenue, we are confident this project will be a successful one”. Bina Puri Properties Sdn Bhd Chairman, Y. Bhg Tan Sri Dato’ Seri James Foong Cheng Yuen said.

“8 Avenue will be equipped with facilities like, Infinity Pool, Wading Pool, Gym room, Sauna, BBQ area/ Pool Side Cabana, Yoga/Zumba Room, Business Centre, Meeting Rooms, 24 hours Security, CCTV, Resident Access card, Landscaping, Car Parks and the Children Play Area”.

“Bina Puri will continue to explore potential development activities in Kota Kinabalu, while with the several property development projects on hand and to be launched in the next few years, this will further improve the earning visibility of Bina Puri and we will continue to implement various initiatives in order to further enhance and strengthen our competitiveness in the key areas where we
operate in.” Tan Sri Dato’ Seri James Foong added.

Y.Bhg Tan Sri Dato’ Seri James Foong Cheng Yuen, Chairman Bina Puri Properties Sdn Bhd is speaking during the signing ceremony between Kensington Development Sdn Bhd and Bina Puri Properties Sdn Bhd for the joint venture development of 8 Avenue, Jalan Tuaran Bypass, Kota Kinabalu. Sabah.

The ceremony was also attended by Y.Bhg Datuk Henry Tee Hock Hin, Managing Director, Bina Puri Construction Sdn Bhd/Director of Bina Puri Properties Sdn Bhd, Mr Peter Thien, Executive Director of Kensington Development Sdn Bhd and Mr Teng Kam Kheong,
Managing Director, Kensington Development Sdn Bhd.

Bina Puri Group earlier had launched various projects namely the Puri Tower (expected GDV: RM62.1 million) in Puchong, Selangor, the Main Place Residence and Mall (expected GDV: RM341.2 million) in USJ 21, Subang Jaya and the Laman Villa (expected GDV: 108 million) in Mon’t Kiara North, Kuala Lumpur.

Other property development projects which are expected to be launched this year and in 2014 includes the One Jesselton (expected GDV: RM84.6 million) and Jesselton View (expected GDV: RM61 million), both located in Kota Kinabalu,
Sabah; The Opus (expected GDV: RM290 million) at Jalan Tallala, Kuala Lumpur and the Ocean View (expected GDV: RM143.6 million) in Miri Sarawak.

For the construction activities in Kota Kinabalu, Bina Puri is currently constructing the new Sabah State Administrative Centre worth RM388.7 million and the KK Time Square worth of RM 470.3 million.

The Bina Puri group has been actively participating in the tender for projects both local and overseas and in the property development activities, would make the appropriate announcements on further projects secured to keep investors and the public informed from time to time.