Towards Financial Freedom
Oxley Star embarks on Penang joint venture
Oxley Star embarks on Penang joint venture. Property developer Oxley Holdings has expanded its overseas presence with the recent joint venture agreement with Beverly Heights Properties Sdn Bhd. Oxley Star Sdn Bhd, a wholly owned subsidiary of Oxley Holdings, has entered into this joint venture agreement which involves developing a 12-hectare freehold plot of land in Penang for residential use. Under the agreement, Oxley Star has the rights to develop two lots of land but will have to carry out the development based on its partner's proposed plans, which are subject to approval from the relevant authorities. Oxley Star will be entitled to all income generated from the project, including 70% of the total sales of the built-up saleable area of the land. Beverly Heights Properties will be entitled to the rest of the 30%, with a minimum limit of RM500m (SGD199m) and a maximum ceiling of RM900m (SGD358m).(Business Times)
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