This article first appeared in The Edge Financial Daily on May 23, 2017 - May 29, 2017

KUALA LUMPUR: TSR Capital Bhd is bringing US-based investment company Globe Venture Holdings Inc to jointly develop a mixed project that includes a water chalet resort on sea-fronting land in Port Dickson, Negeri Sembilan.

TSR said the proposed project will provide an opportunity for it to bring in Globe Venture to invest or jointly develop part of the development land.

“It also provides [an] opportunity for the [two] parties to cooperate, pool resources and utilise their strengths to jointly develop part of the development land,” said TSR in a filing with Bursa Malaysia yesterday.

TSR’s wholly-owned subsidiary TSR Ocean Park Sdn Bhd on Saturday entered into a memorandum of understanding (MoU) and a memorandum of agreement (MoA) with Globe Venture for the proposed projects.

Under the MoU, TSR will develop the 52.2-acre (21.12ha) plot of land into mixed high-end properties that consist of residential units, resorts and hotels, commercial and corporate buildings tailored to the tourism and services industry.

“Globe Venture and TSR are desirous to establish a developer-and-investor or venture partner cooperation relationship in relation to the mixed development,” said TSR.

The MoA, meanwhile, sees Globe Venture jointly developing with TSR the proposed water chalet resort in Port Dickson on a 6.85-acre piece of land. The two parties will incorporate a special purpose vehicle to undertake the development of the water chalet resort under a 51:49 equity structure where TSR has the controlling 51% stake.  

“The MoU will remain in force for one year and the MoA six months,” said TSR.