KUALA LUMPUR: Thriven Global Bhd (formerly Mulpha Land Bhd) has decided to undertake on its own, rather than through a joint venture, the Lumi Tropicana mixed development project in Petaling Jaya that bears an estimated gross development value of RM835.5mil.

In a filing with Bursa Malaysiab yesterday, Thriven said it signed a settlement agreement with Mudajaya Group Bhd’s indirect unit MJC Development Sdn Bhd and Mayfair Ventures Sdn Bhd to mutually terminate the subscription and shareholders’ agreement (SSA) they had inked in August 2013.

Under the SSA, Thriven and MJC would subscribe to the ordinary shares and redeemable preference shares (RPS) in Mayfair Ventures, respectively representing 51% and 49% of the enlarged paid-up capital.

Mayfair is the vehicle to develop Lumi Tropicana. comprising commercial and service apartments buildings, whose construction is in progress.

The latest agreement entails Thriven buying the Mayfair securities currently held by MJC Development for RM1.025mil and settling MJC’s advances and contribution to Mayfair, together with the interest accrued on the advances, totalling RM52.88mil.

“The proposal enables Thriven to obtain full control of Mayfair through acquisition of the additional equity interest in Mayfair at a purchase price equivalent to the par value of Mayfair shares,” Thriven said.

“Accordingly, the proposal will enable Thriven to gain better control and management of Mayfair and its resources, including the construction and development of Lumi Tropicana.”

Thriven would be entitled to the revenue generated from the development as the sole shareholder, and this was expected to contribute positively to the group’s future earnings, the company said.

The Lumi Tropicana development has two phases. The first comprises two towers of 186 units of service residences each, 62 units of SoHo and the podium block containing the retail space and car parks. The majority of the units in Phase 1 have already been sold with a gross sales value exceeding RM250mil.

Meanwhile, the second phase involves the remaining two towers of 186 units of service residences each, which is expected to be launched in the first half of 2017, subject to market conditions.

The full completion and hand-over of the completed units for the development is expected to be by year 2020.

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