IJM buys Penang land for RM402.8 mil

KUALA LUMPUR (April 22): IJM Corp is in the process of acquiring a 32.7 acre parcel of land located within IJM Corp’s existing The Light Waterfront development in Penang, as reported in the The Edge Financial Daily today.

This is done through Aura Hebat Sdn Bhd (AHSB), which was a joint-venture between IJM Corp and partner Perennial Penang Pte Ltd, until IJM Corp acquired the remaining shares from its partner for an undisclosed amount.

“AHSB will acquire the land from Jelutong Development Sdn Bhd, on 80%-owned subsidiary of IJM Properties for RM402.8 million cash, subject to, among others, the receipt of documents of title to the property from the relevant Penang authorities,” the group said.

The land is earmarked to feature a large-scale integrated waterfront mixed-use project comprising a shopping mall and thematic shops, residential towers, an office tower, two hotels and a convention centre with a total gross floor area of about 4.1 million sq ft.

IJM Corp in a filing in Bursa Malaysia yesterday said that The Light Waterfront Sdn Bhd, a wholly-owned subsidiary of IJM Properties Sdn Bhd, which is a wholly-owned unit of IJM Corp through IJM Land Bhd, yesterday acquired one share representing a 50% stake in AHSB.

The Light Waterfront development is an integrated project covering 152 acres in the eastern cost of Penang island.