PETALING JAYA: BBN Development Sdn Bhd (BBND), a wholly owned subsidiary of Nilai Resources Group Bhd and GD Development Sdn Bhd will be jointly developing a 338.8acre site in Putra Nilai, Negeri Sembilan.

In a filing to Bursa Malaysia on March 26, Nilai Resources said BBND will enter into a joint development agreement on March 27 for a proposed  mixed residential and commercial project on the land.

“Under the agreement, BBND will be entitled to a sum equivalent to 25.8% of the expected gross profits or actual gross profits from each phase of the project, whichever is the higher,” said Nilai Resources.

The proposed development is expected to be completed within eight years ffrom the date of the agreement of  which time frame may be extended for another two years, Nilai Resources said.
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