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KUALA LUMPUR: SBC Corporation Bhd has terminated a joint land development agreement with TM Facilities Sdn Bhd (TMF) with immediate effect due to the failure in obtaining approvals from the relevant land authorities for the proposed project.
According to the terms of the agreement, TMF had appointed SBC the sole and exclusive developer to deal with and develop a designated part of a leasehold land parcel in Petaling, Selangor, measuring 2.1ha (5.19 acres).
SBC was to, on a design-and-build basis, develop the land into commercial office or residential units including serviced apartments with commercial podium together with associated car parks, common facilities and all necessary infrastructure works.
SBC said the termination was not expected to result in it having to assume any legal obligation.
According to the terms of the agreement, TMF had appointed SBC the sole and exclusive developer to deal with and develop a designated part of a leasehold land parcel in Petaling, Selangor, measuring 2.1ha (5.19 acres).
SBC was to, on a design-and-build basis, develop the land into commercial office or residential units including serviced apartments with commercial podium together with associated car parks, common facilities and all necessary infrastructure works.
SBC said the termination was not expected to result in it having to assume any legal obligation.
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