PETALING JAYA: Bintai Kinden Corp Bhd has entered into a memorandum of understanding (MoU) with Charter Built Sdn Bhd to jointly develop 36ha of industrial land near Kuala Lumpur International Airport (KLIA) with a potential gross development value (GDV) of not less than RM700 million.
Pursuant to the MoU, both parties have mutually agreed to negotiate exclusively with the intention to finalise and enter into the definitive agreements.
Bintai Kinden deputy CEO Azri Azerai (pix) said the collaboration is in line with its strategy to diversify the business instead of depending solely on its existing core mechanical and electrical (M&E) engineering business.
He pointed out the group’s experience and expertise in undertaking and completing various construction of property development and related projects across a span of 36 years.
“The joint development to develop a piece of industrial land with Charter Built will add another project portfolio to the group,” said Azri in a statement.
The memorandum between the two is valid for a period of one year from today and may be extended by mutual agreement in writing of both parties.