In an announcement to Bursa Malaysia, Jetson said JDSB had received acknowledgement from FESB on the latter’s acceptance and agreement to the termination of the head of agreement signed on July 3, 2012.
The group said that upon mutual termination, neither party shall have any claims against the other whatsoever. “The Macalister” was supposed to be a 33-storey high-rise luxury residential development in Georgetown, Penang.
However, since the agreement was signed in July, no further update has been given or announced regarding the joint development. The reason the JV proposal was scrapped was not mentioned in the termination announcement.
Property developers in Penang have been facing a hard time getting their projects approved by the local council, according to Real Estate and Housing Development Association Penang chairman Datuk Jerry Chan. In an interview with a local news portal, Chan said planning permission for a total 15 mixed development residential projects all over the island had been delayed due to stricter guidelines imposed by the Penang Island Municipal Council (PIMC).
The PIMC is said to have imposed more conditions for approvals, and has been delaying approvals for planning permission, after it imposed a 87 units per acre density guideline.
Written by Mohd Kamarul Azhar of theedgemalaysia.com
This article first appeared in The Edge Financial Daily, on Dec 19, 2012.
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