KUALA LUMPUR: Tropicana Corp Bhd unit Tropicana Senibong Sdn Bhd has entered into a joint venture with Puncak Alam Housing Sdn Bhd to develop three parcels of leasehold land with an aggregate area of about 362.742 acres in Mukim of Ijok in Kuala Selangor.

       The group said in a filing with Bursa Malaysia that Tropicana Senibong will undertake the property development and pay to Puncak Alam a proprieter's entitlement of RM334.54mil progressively over 72 months.

       There will be no joint venture company incorporated for the purpose of the joint venture, it said.

       Tropicana Senibong is expected to fund the joint venture via a combination of internally generated fund and/or bank borrowings.

       "In ensuring the continuous growth of the property development segment within Klang Valley area, the Joint Venture serves to provide an alternative to Tropicana Group in diversifying into A different market niche and segment by offering an affordable to medium range of product and yet within a strategic location," said the group.