ENCORP SIGNS JOINT VENTURE AGREEMENT WITH JENTAYU TO DEVELOP RESIDENTIAL PROJECT IN SABAH

Wednesday, 18 May 2022, Kota Damansara – Encorp Berhad (“ENCORP”), through its indirect-owned subsidiary, Encorp Development Sdn Bhd, today entered into a joint venture agreement (“JVA”) with Jentayu Sustainables Berhad (“JENTAYU”), via its indirect-owned subsidiary, Ipmuda Properties Sdn Bhd, to develop a 1.6 acres residential land worth an estimated gross development value of RM67.7 million at Bukit Kepayan, Kota Kinabalu, Sabah.

The low-density leasehold development of Kristal Phase 2 Condominium will encompass the development of 166 units over a Tower block of 10-storey. The built-up area ranges from 523 sqft to 766 sqft with a selection of 1+1 and 1+2 bedrooms. Overlooking the panoramic view of the South China Sea and located on a lush green hilltop, the development offers a range of facilities and amenities such as a swimming pool, roof terrace, convenience shop, laundry room, gym and a multi-level security system. This concept and design resonates well with families and ‘down-sizers’ looking for a balance in nature, exclusive privacy and convenience. It is also suitable for frequent travellers to Sabah who are looking for a “footing” in Kota Kinabalu.

The development is estimated to commence in July 2022 and is due for completion by June 2026.

Strategically located about 8km from Kota Kinabalu city centre and surrounded by matured residential and commercial developments with easy access via the Jalan Kepayan, Jalan Lintas, Jalan Sembulan and Jalan Penampang. It is also close to public facilities and amenities such as Tanjung Aru Railway Station which is 1.5km away, 3km from Kota Kinabalu International Airport, 7km from Terminal Bas Bandaraya, and 3.5km from Queen Elizabeth Hospital.

It is in close proximity to numerous shopping centres, namely Centrepoint, Aeropod Commercial Square, Plaza Harbour City, Karamunsing Complex and Imago Shopping Mall. It is also near to well-known educational public schools – SMK La Salle and SK Tanjung Aru.

The JVA was signed by Encik Hazurin Harun, the Group Chief Executive Officer of ENCORP and Encik Jeffri Muhamad Yusup, the Chief Executive Officer of JENTAYU at an unveiling ceremony in Encorp Berhad, Kota Damansara this evening.

Commenting on the JVA, ENCORP Group Chief Executive Officer, Encik Hazurin Harun said, “ENCORP is excited to venture into its first property development in Sabah as part of its expansion plan. This partnership presents an opportunity for ENCORP to enhance its reputation to become a major player within the property industry in Sabah which it sees as having a great potential. ENCORP’s development projects are built with strong underlying concepts and designed to cater to the needs of our customers.”

Under the terms of the agreement, JENTAYU will grant development rights to ENCORP and in return JENTAYU shall be entitled to a consideration sum equivalent to 15% of Gross Development Value of the development with minimum sum of RM10.8 million to a maximum sum of RM11.3 million.

ENCORP debuted on Bursa Malaysia’s Main Board in 2002. The JVA follows a string of favourable news for ENCORP which is most recognised for developing its Encorp Cahaya Alam residential and commercial development in Shah Alam, the mixed development and shopping mall of The Strand in Kota Damansara and the high-rise serviced apartment and commercial development of Encorp Marina Puteri Harbour in Iskandar Puteri.

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About Encorp Berhad (ENCORP)

Listed on the Main Market of Bursa Malaysia (Ticker: ENCORP/6076; Bloomberg: ENCO:MK; Reuters: ENCR.KL), ENCORP is principally an investment-holding company. The Group is currently involved in three core businesses – property development, property investment retail mall, shop offices and construction. For more information, visit encorp.com.my

For more information, please contact:

Encorp Berhad (ENCORP)
Muhammad Arif Bin Abdul Kahar
Executive, Corporate Communications
Tel: 03-6286 7789 / 012 934 1939
Fax: 03-6286 7799
Email: arif.kahar@encorp.com.my
Dated : 29 May 2022