HCK's Unit Signs JV Development Agreement With DBSB For Kuching Housing Venture

Last update: 18/05/2016

KUALA LUMPUR, May 18 (Bernama) -- HCK Capital Group Bhd's (HCK) 70 per cent unit, HCK Premier Builders Sdn Bhd (HPBSB), today signed a joint venture development agreement with Daya Builders Sdn Bhd (DBSB) to undertake a housing project in Kuching, Sarawak.

In a filing to Bursa Malaysia Wednesday, HCK said the project includes the development of 147 terrace and 18 semi-detached houses, as well as 144 apartment units in Matang Land District on leasehold land of 9.08 hectares (22.45 acres).

HCK said the group would benefit from the project in that it broadens and expands its earnings base, while enhancing the property-related business, in particular, property development.

The group intends to fund the project through internally generated funds and/or bank borrowings, which would be decided at a later stage, depending on the funding cost and cash requirements.