Eastern & Oriental Bhd (E&O) and Mitsui Fudosan Co Ltd have signed a joint venture agreement to develop luxury residences in Damansara Heights, with a gross development value of RM348 million. The joint venture will be undertaken by MFBBCC Serviced Suites Sdn Bhd, which will be 51% owned by E&O’s subsidiary KCB Holdings Sdn Bhd and 49% by Mitsui Fudosan’s subsidiary Mitsui Fudosan (Asia) Malaysia Sdn Bhd. The project involves acquiring 14 plots of freehold land for RM88.33 million from Ambangan Puri Sdn Bhd.
The development will feature a 44-storey serviced residence block with 269 units, including one- to three-bedroom apartments with built-up areas ranging from 532 sq ft to 1,188 sq ft. The residence will offer amenities such as a swimming pool, yoga deck, gym, library, children’s play area, business center, and multi-purpose room. This collaboration follows previous successful projects between the two companies, such as The Mews and Conlay serviced apartments in Kuala Lumpur City Centre.
E&O managing director Kok Tuck Cheong highlighted that this joint venture represents a strategic partnership with Mitsui Fudosan, sharing a vision of creating iconic communities of enduring value. The Damansara Heights development is expected to launch in the second half of 2020 and will contribute positively to E&O’s earnings from 2021 onwards.
Mitsui Fudosan (Asia) Malaysia Sdn Bhd managing director Takehito Fukui expressed satisfaction with the partnership’s progress since 2011, noting the successful track record of developments.
