Oxley Diamond Sdn. Bhd., part of Singapore-based Oxley Holdings Ltd., entered into a partnership with Trinity Assets Sdn. Bhd. under which the latter will develop a vacant land parcel in Selangor, Malaysia, into a housing, commercial and/or mixed-use property.

Under the joint venture agreement, Oxley Diamond will be entitled to receive 138 million Malaysian ringgit representing the cost of the 19,098-square-meter parcel that it holds, as well as a certain percentage of the development profits, according to a release.

The agreement is conditional upon the receipt of planning consent for the project from relevant authorities within 24 months from the Oct. 18 signing date.

Trinity Assets will secure funds for the development and monitor and manage the project, among other responsibilities.

Building works are expected to commence within six months from the receipt of relevant approvals or the official launch of the development's units, whichever comes last. Construction is slated for completion within 56 to 60 months later.

Trinity Assets is a wholly owned subsidiary of Malaysian real estate developer Trinity Group Sdn. Bhd.

As of Oct. 17, US$1 was equivalent to 4.16 ringgit.