SINGAPORE (May 17): Lum Chang Holdings is partnering Tien Wah Press Holdings Berhad in a joint venture project to develop a mixed-use property in Malaysia.

The JV deal was signed between Lum Chang’s wholly owned unit Kemensah Holdings and Tien Wah’s subsidiary Tien Wah Properties Sdn Bhd.

JV company Sterling Model Sdn Bhd will own, manage and develop the mixed-use project.

The JV company will have an issued and paid-up share capital of RM10 million ($3.4 million).

It has also entered into a sale and purchase agreement with Tien Wah Properties to acquire a piece of leasehold industrial land in Petaling Jaya for RM63.75 million. The 13,040 sq m plot has a remaining lease of about 44 years.

"The proposed acquisition is a continuation of the LCH Group's property and development business in Malaysia," says Lum Chang in its filing.

"The board believes the proposed acquisition represents a prime investment opportunity to consolidate the LCH Group's property and development portfolio in Malaysia."

Lum Chang closed at 37 cents on Monday.