E&O and Mitsui to develop Kuala Lumpur Serviced Apartments

George Sell George Sell Uploaded 23 March 2015

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Malaysia: Eastern & Oriental Bhd (E&O) has signed an agreement with Japan's Mitsui Fudosan Co Ltd to jointly develop a 298-unit serviced apartment project in Kuala Lumpur.

Indirect wholly-owned subsidiaries of the two companies, Samudra Pelangi Sdn Bhd and Mitsui Fudosan Asia Pte Ltd (MFA), respectively, entered into a shareholders' agreement to develop the 5,812 square metre site land through a venture called Patsawan Properties Sdn Bhd (Patsawan).

The project will be E&O and Mitsui's third partnership, and their second residential development.

Development of the land is scheduled to start in Q3 2015.

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