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

       In a statement Wednesday, HIL said it would partner Unik Sejati Sdn Bhd, Pembinaan Kesentosaan Sdn Bhd and Amverton Carey Golf & Island Resort Sdn Bhd to develop residential developments with an estimated gross development value (GDV) of RM471.1mil on 40.9 hectares land in Selangor.

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

       HIL President and CEO Datuk Milton Ng said the JV was in line with the company’s aim to expand its property business in Klang Valley.

       “Based on the management feasibility studies, HIL Industries is expected to generate an estimated gross development profit of RM96.1mil from the joint ventures.

       “The joint ventures would also allow HIL Industries to participate in the developments without an outright purchase of the land which will otherwise require a significant cash outlay,” he said.

       In addition, Ng said the landowners’ entitlements would be paid entirely in terms of units instead of cash, which would ease and conserve HIL Industries’ cash flow for its operations.

       Moving forwards, the group will continue to source and look out for opportunities to obtain more development land within the Klang Valley to ensure the continuous growth of its property business.