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Malton partners with Hong Kong's Nan Hai to bid for Taipei property project

The Edge logo The Edge 2/10/2018 Supriya Surendran
a sign above a store © Provided by The Edge Communications Sdn Mhd

KUALA LUMPUR (Oct 2): Malton Bhd, the flagship of tycoon Tan Sri Desmond Lim Siew Choon, has teamed up with Hong Kong-listed cinema operator and property development firm Nan Hai Corp Ltd to bid for a property project in Taipei, the capital city of Taiwan.

In a filing with Bursa Malaysia this evening, Malton said that the two companies had submitted the bid to the Taipei City authorities on Oct 1 for the construction of the superstructure of the complex. Nan Hai will hold an 80% interest in the bid while Malton holds the remaining 20% interest.

The details on the gross development value and how Malton will finance the massive development abroad were not revealed in the announcement.

The project involves the development of a landmark high-rise multipurpose complex comprising hotel, retail and prime office space above the airport express train station that has a base area of approximately 31,700 square meters. This complex will have direct access to the Taipei City station of the express rail service to the Taoyuan International Airport.

Malton's share price has been on downward slope this year. Year to date, the property stock has declined 44%. It closed at 52.5 sen today, giving the company a market capitalisation of RM277 million.

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