PETALING JAYA: Tropicana Corp Bhd has proposed to form a joint venture with Puncak Alam Housing Sdn Bhd (PAHSB) to develop three parcels of leasehold land, measuring an aggregate 364.74 acres, in Ijok, Kuala Selangor.

       In a filing with Bursa Malaysia, the property developer said its wholly owned subsidiary Tropicana Senibong Sdn Bhd (TSSB) had entered into a joint-venture (JV) agreement with PAHSB for the development.

       Tropicana said the transaction was in line with the group’s strategy to identify land bank and partnerships, which would provide it an opportunity to develop affordably priced products in the form of primarily residential developments and townships.

       “The joint venture hereby provides an opportunity for the group to replenish its existing property projects.

       “The land’s location, which is within the vicinity of existing and emerging townships, will also help to further enhance the group’s presence in the Klang Valley,” it added.

       The joint venture is expected to be funded by TSSB via a combination of internally generated funds and/or bank borrowings, Tropicana said.