Iris seeks international partners to fund PPA1M project

KUALA LUMPUR (Sept 1): Iris Corp Bhd is seeking international partners to fund the 1Malaysia Civil Servants Housing (PPA1M) programme.

On Nov 30 last year, Iris was awarded the construction contract by Perbadanan Putrajaya for the development of PPA1M and a mixed development on 16.2 acres of land in Putrajaya for an estimated gross development cost of RM622.73 million.

Iris managing director Datuk Tan Say Jim said the partnership with international contractors would be for funding purposes.

"We have not found a partner yet. We have been talking to a few parties. We are trying to do it off-balance sheet, as a contingent liability rather than booking it into the books," he told reporters after the group's annual general meeting today.

The project would see Iris building 1,928 units of residential houses under PPA1M, 508 residential houses for open sale and 22 units of commercial buildings for open sale.

"We have not inked the developers agreement with Perbadanan Putrajaya yet as some of the terms are being negotiated. Once that is inked we have 36 months to complete the project," said Tan.

At 3.06pm, Iris was unchanged at 16 sen with 8.1 million shares traded for a market capitalisation of RM371.12 million. — theedgemarkets.com

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