Duty Free International (SGX:5SO) plans to develop two apartment blocks in Johor Bahru, Malaysia, through a joint venture with Chin Hin Group (KLSE:CHINHIN), according to a Thursday filing on the Singapore Exchange.
The project will comprise 1,010 serviced apartments, 250 affordable homes, 10 retail units, and multi-story car parks. The group's share in the project is valued at 83.6 million ringgit, representing 18% of the total saleable area.
The revised concept, reducing the project from four to two blocks, awaits approval from Johor's State Economic Planning Unit, with submission expected in May 2025.
Land registration, pending since the 2019 purchase, was approved in February and is expected to be completed by May. Duty Free International plans to sell its entitlement units rather than hold them for rental income.
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