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Pavilion REIT signs up to co-own mall at 4B-ringgit Malaysian project

Pavilion REIT agreed to co-own and jointly develop the five-level mall at a mixed-use complex being developed by Malton Bhd.'s Pioneer Haven Sdn. Bhd.

The nondisclosure agreement, which also calls for the development of a two-level basement parking area, involves the commencement of a due diligence process and the finalization of the terms and conditions of the deal.

The retail property is provisionally called Pavilion Bukit Jalil, the Malaysian real estate company said in a filing.

Pavilion Bukit Jalil will be part of Bukit Jalil City, a development that will have residential, office and recreational components, according to its website. EdgeProp Malaysia reported July 7 that the complex has a gross development value of 4 billion ringgit, while the mall's value was placed at between 1.4 billion ringgit to 1.6 billion ringgit.

As of Aug. 13, US$1 was equivalent to 4.10 ringgit.