KUALA LUMPUR: HIL Industries Bhd has received its shareholders’ approval to undertake residential development joint-ventures (JVs) on five parcels of land in Sungai Buloh, Klang and Jugra, Selangor.

       The one-stop plastic solution provider and property developer will partner with Unik Sejati Sdn Bhd, Pembinaan Kesentosaan Sdn Bhd, and Amverton Carey Golf & Island Resort Sdn Bhd (Amverton Carey) in JVs to develop residential developments with an estimated gross development value (GDV) of RM471.1mil on 40.9ha in Selangor.

       The developments will comprise 154 units of stratified double-storey terrace houses in Sungai Buloh, 78 units of double-storey terrace houses in Klang, and 141 units stratified bungalows and 428 units town houses in Amverton Cove, Carey Island.

       HIL Industries president and chief executive officer Datuk Milton Ng said the JVs are in line with the company’s aim to expand its property business in the Klang Valley.

       The JVs are an opportunity for HIL Industries to replenish its property development projects with minimal costs upfront and are expected to increase the revenue and profit contribution from the property development segment, he said.

       “Based on the management feasibility studies, HIL Industries is expected to generate an estimated gross development profit of RM96.1mil from the JVs, which would also allow us to participate in the developments without an outright purchase of the land which would otherwise require significant cash outlay.” — Bernama