Friday, May 11, 2012

Johor Mid Valley City land to cost RM259mil

PETALING JAYA: IGB Corp Bhd has agreed on a price of RM259mil or RM165 per sq ft with Selia Pantai Sdn Bhd for three parcels of leasehold land measuring 36 acres in Plentong, Johor.

The land is for a proposed Mid Valley City-type mixed development, via a joint venture between IGB Corp and Selia Pantai.

IGB Corp will have a 70% stake in the joint venture, with the balance owned by Selia Pantai.

IGB Corp will fund its 70% portion of the project via internal funds and bank borrowings.

IGB Corp told Bursa Malaysia that no valuation was carried out on the land, which is owned by Selia Pantai.

The purchase price was arrived at on a willing-buyer-willing-seller basis, after considering factors such as the prevailing market value of properties in the same vicinity and surrounding infrastructure.

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