UOA Development enters Johor property market via jv with Uptown Haven
The parties today signed a shareholders' agreement and subscribed shares in Midtown Sanctuary Sdn Bhd, the joint venture vehicle that will own and develop the land.
UOA and Regenta will jointly hold a 75% equity stake in Midtown, while the remaining 25% will be held by Uptown Haven, a private property investment firm owned by Ian Ong See-Yen.
Midtown has entered into a sale and purchase agreement with Symphony Access Sdn Bhd to acquire a 4,918.119-square metre freehold land in Johor Bahru for RM62.4 million.
Following the share subscription, the paid-up share capital of Midtown is RM250,000.
UOA, via Regenta, holds RM187,499 in capital, representing a 74.9996% equity interest, while Uptown Haven has subscribed for RM62,500 worth of shares, equivalent to 25%. Regenta itself holds a nominal RM1.00 in Midtown, or 0.0004%, as part of the structure.
The project will involve the development of serviced apartments for public sale.
UOA and Uptown Haven have also agreed on key governance terms, including board representation, pre-emptive rights, and profit-sharing in proportion to their respective shareholdings.
The joint venture marks UOA's expansion beyond the Klang Valley and is not expected to have any immediate material financial impact on the company.— TMR
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