Malaysian developers Dijaya Corp. Bhd (5401.KU) and Ivory Properties Group Bhd (5175.KU) said Friday they will jointly develop residential and commercial properties worth MYR10 billion ($3.18 billion) in the northern state of Penang.
The two developers signed a joint venture agreement to develop a 102.56-acre land that will include homes, shopping mall, hotel, office towers and retail space over the next eight years, according to Dijaya in a statement to the stock exchange.
Ivory Properties will own a 51% stake in the joint venture while Dijaya will take the remaining 49% stake, the statement said.
The two developers signed a joint venture agreement to develop a 102.56-acre land that will include homes, shopping mall, hotel, office towers and retail space over the next eight years, according to Dijaya in a statement to the stock exchange.
Ivory Properties will own a 51% stake in the joint venture while Dijaya will take the remaining 49% stake, the statement said.
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