AVC and KPJV also entered into a shareholders’ agreement on May 9 in respect of the SPV.
Aspen (Group) Holdings’ indirect subsidiary, Aspen Vision City (AVC) has entered into a joint venture agreement (JVA) with Kerjaya Property JV (KPJV) to jointly develop the freehold land situated in Aspen Vision City, Batu Kawan. KPJV is a wholly-owned subsidiary of Bursa-listed Kerjaya Prospek Property Berhad.
The land measures 2.055 hectares or around 221,198 sq ft and is intended to be developed into a mixed development comprising hotel, residences, serviced apartments, retail units and office blocks. The development will be done via a special purpose vehicle (SPV) where KPJV will hold a 70% stake in the SPV and AVC will hold the remaining 30%.
