OCR Group Berhad through its wholly owned subsidiary OCR Templer Sdn Bhd has entered into a joint venture agreement (JVA) with Lecca Properties (M) Sdn Bhd (Lecca Properties), to develop a landed residential project in Templer, Rawang, with an estimated gross development value (GDV) of MYR 313 million. OCR will spearhead the project development, leveraging its expertise in property development and proven track record of successful projects. Located between Kuala Lumpur and Rawang, just a 30-minute drive from Kuala Lumpur City Centre, the development offers convenient access to urban amenities and natural landscapes, with its proximity to the Templer Park Forest Reserve further enhancing its appeal. Spanning 18.4 acres of freehold prime land, the project will comprise 118 semi-detached houses with built up ranging from 3,100 square feet (sq. ft.) to 4,200 sq. ft., and 37 bungalow lots ranging from 6,600 sq. ft. to 16,000 sq. ft., alongside commercial shop lots. The project is expected to launch in 2025.
Prior to the date of the JVA, the Owner had entered into the sale and purchase agreement dated 19 September 2023 with the original landowner, Dolomite Properties Sdn Bhd, to purchase the Project Lands and upon completion of the SPA, the Owner shall be the legal and/or beneficial owner of the Project Lands subject further to all conditions of title, express or implied, restrictions-in-interests and existing category of land use as stipulated in the respective issue document of titles to the Project Lands. The Parties undertake the development of the Project Lands into residential and/or commercial development ("Project"). The expected gross development value for the project is approximately RMB 313 million and at this juncture, the development is still at its early stage of planning. Hence, it is too preliminary to estimate the gross development costs. The JVA is conditional upon the following conditions having been fulfilled within three months period from the date of the JVA or such extended period as may be agreed between the Parties. The Owner shall complete the SPA wherein it shall at its own costs and expenses obtain for registration of issued document of title for all the Project Lands from the Relevant Authority registered in the name of the Owner, free from any restriction, all Encumbrances and any third-party interests. The Owner shall within three working days after receipt of the original individual titles of the Lands forward the original copies of the same to the Developer; If the Conditions Precedent is not fulfilled by the Owner and/or the Developer (as the case may be) on or before the Condition Period, the Developer may by way of written confirmation of the Developer extend the Condition Period to a further
extended period as may be fixed by the Developer at its sole discretion. The JVA shall become unconditional on the last date within the Condition Period or the Extended Period (as the case may be) when all the Conditions Precedent are fulfilled. In the event that the Conditions Precedent remains unfulfilled within the Conditional Period or Extended Condition Period (as the case may be), the Developer shall be entitled to: waive such Conditions Precedent in writing and proceed to confirm the Unconditional Date; or terminate the JVA whereupon the Owner shall immediately refund any
monies paid, free of interest, to the Developer within fourteen days from the date of receipt of the Developer's termination notice and subject
to the said refund, the Developer shall return the original Power of Attorney given by the Owner in favour of the Developer (if has been
granted) and execute such document to revoke the Power of Attorney (if required by the Owner). In the event that the Owner fails to repay any
monies paid to the Developer within the aforementioned fourteen days, the Developer shall be entitled to impose an interest of 8% per annum on the outstanding sum to be calculated on daily basis until the date of full settlement.