GPS Alliance Holdings Limited
(ASX:GPS) says its development and investment arm has signed a deal with a Malaysian firm Vinters to develop 3 towers in Johor Bahru.
The 25-storey towers are to be built within the Starhills Golf and Country club. As part of the deal GPS will acquire 51 per cent of Vinters for around $177 thousand.
Vinters is responsible for securing finance to develop the land. Vinters will take the project through from development to sale and has secured the land for approximately $9.7 million.
GPS has agree to loan share holders in the project around $1.7 million for start-up costs with a further $3.5 million available if needed.
The deal is still subject to approvals.
GPS made a net loss of $4.2 million for the 2014 calendar year.
