Aspen (Group) (SGX:1F3) associated company, Rivnis Ventures, signed a definitive agreement with Malaysia's Railway Assets Corporation (RAC), for a mixed development project in Penang, according to a Thursday filing with the Singapore Exchange.
Shares of the property developer were up nearly 7% in Friday trading.
The development spans an area of 34.839 acres and will be used to build 338 housing units over a period of seven years.
Additionally, the companies will also relocate current land occupiers to the new units.
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