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KUALA LUMPUR (April 11): Versatile Creative Bhd has scrapped plans to develop medium-cost apartments in Johor Bahru, estimated to have a gross development value (GDV) of RM110 million.
On Jan 10 last year, Versatile’s wholly-owned subsidiary Versatile Smart Properties Sdn Bhd (VSPSB) entered into a memorandum of understanding (MoU) with Double Action Ventures Sdn Bhd (DAVSB) to jointly explore feasibilities of developing the apartments on a piece of land measuring 3.18 acres (1.29ha) prior to entering into a definitive agreement.
In a filing with Bursa Malaysia yesterday, Versatile said there is no material development on the status of the MoU since its signing.
“The reply from DAVSB pertaining to our request on the proposed repayment of land conversion cost is still pending, and VSPSB has decided not to pursue the MoU further,” it added.
Versatile noted that there is no financial impact on the group.
Versatile shares closed down 0.5 sen or 0.96% at 51.5 sen yesterday, bringing it a market capitalisation of RM60.43 million.
This article first appeared in The Edge Financial Daily, on April 11, 2018.
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