KUALA LUMPUR: The 60:40 joint venture (JV) between Sime Darby Property Bhd (SDB) and Brunsfield Metropolitan Sdn Bhd has been mutually terminated. According to a statement from SDB, the joint venture, Sime Darby Brunsfield Holding Sdn Bhd, has been dissolved at book value as of December 8, 2023.
The developer did not elaborate on the reasons behind the JV's termination.
One of the largest developments undertaken by the JV was Oasis Ara Damansara. With a gross development value of RM978 million, the nearly 16-acre Oasis comprises five office buildings totaling nearly 950,000 square feet in built-up area. The final project by the JV is Senada at KLGCC Resort.
According to SDB, the JV will now become its fully owned subsidiary, and a new name will be announced eventually.
"The termination of this joint venture is not expected to have any material impact on SDB's financial performance," it added.
