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PROPOSED JOINT VENTURE BETWEEN SHANTAWOOD PROPERTY MANAGEMENT SDN BHD (SPM OR THE DEVELOPER) A WHOLLY-OWNED SUBSIDIARY OF DPS AND LEN CHEONG RESOURCES SDN BHD (THE LANDOWNER) TO DEVELOP AND COMPLETE A RESIDENTIAL DEVELOPMENT IN THE STATE OF MELAKA (PROPOSED JV)

DPS RESOURCES BERHAD

Type Reply to Query
Reply to Bursa Malaysia's Query Letter - Reference ID IQL-06092022-00001
Subject PROPOSED JOINT VENTURE BETWEEN SHANTAWOOD PROPERTY MANAGEMENT SDN BHD (SPM OR THE DEVELOPER) A WHOLLY-OWNED SUBSIDIARY OF DPS AND LEN CHEONG RESOURCES SDN BHD (THE LANDOWNER) TO DEVELOP AND COMPLETE A RESIDENTIAL DEVELOPMENT IN THE STATE OF MELAKA (PROPOSED JV)
Description
DPS RESOURCES BERHAD ("DPS" OR "THE COMPANY") 
REPLY TO THE QUERY LETTER FROM BURSA MALAYSIA SECURITIES BERHAD (REF:IQL-06092022-00001)
Query Letter Contents

We refer to your Company's announcement dated 2 September 2022, in respect of the aforesaid matter.

 

In this connection, kindly furnish Bursa Malaysia Securities Berhad with the following additional information for public release:-

 

1. To explain how the estimated indicative value of the Landowner’s entitlement for Phase 1 (RM9,379,572) and Phase 2 (RM5,828,148) is derived by providing details of the bases and assumptions used.

 

2. To provide the Land’s original cost of investment to the Landowner and the date of such investment.

 

3. As your Company has provided the indicative value of the Landowner’s entitlement as well as the total project cost, to provide further development details of the Land (Project) pursuant to item (4), Part C of Appendix 10A of the Main Market Listing Requirements, including but not limited to, total development cost and gross development value (estimated or otherwise).

 

4. Please clarify and explain the difference in the management’s opined market value of RM225,000 per acre as stated in Section A3 and the average of RM50,000 per acre as stated in Section A6.

 

5. To disclose the current progress and timeline of the acquisition of the neighbouring land for access of road construction and KM approval and to define “KM”.

 

6. Based on your representations that the 18% Landowner’s entitlement is estimated at RM15.2 million, and the GDC is about 65% of the GDV of the Project to be borne by the Developer, Shantawood Property Management Sdn Bhd, please explain how the total project cost of only RM3,297,480 is derived.

 

 

Please furnish Bursa Securities with your reply within one (1) market day from the date hereof.

 

 

Yours faithfully

 

 

 

Listing

Regulation

 

cc:-   Market Surveillance, Securities Commission

Please refer to the attachment for our reply to the query letter from Bursa Malaysia Securities Berhad.  

 

This announcement is dated 7 September 2022.



Please refer attachment below.

Attachments

DPS Bursa Query.pdf
193.0 kB



Announcement Info

Company Name DPS RESOURCES BERHAD
Stock Name DPS
Date Announced 07 Sep 2022
Category General Announcement for PLC
Reference Number GA1-07092022-00056



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