IOI Properties and Mitsubishi Estate to jointly develop residential project

PETALING JAYA (March 29): IOI Properties Group Bhd and Japanese property developer Mitsubishi Jisho Residence, a wholly-owned subsidiary of Mitsubishi Estate Co Ltd will jointly undertake a residential development dubbed “The Gems” in IOI Resort City, Putrajaya.

Sitting on a 9.6-acre freehold site, The Gems will comprise eight blocks with units ranging from 1,250sq ft to 1,750 sq ft, IOI Properties said in a press release today.

The freehold development is scheduled to commence during IOI Properties’ financial year ending June 30, 2017 (FY2017) and is expected to be completed over four years.

IOI Properties CEO Lee Yeow Seng said the collaboration with Mitsubishi Jisho Residence is highly valued as it has an impressive track record and a brand renowned for its quality excellence which resonates with the company’s drive to strive for the same in its property businesses covering property development, investment and leisure as well as hospitality.

“We believe our venture with Mitsubishi Jisho Residence will enhance the value of The Gems and IOI Resort City,” he said.

Lee added that The Gems will be an ideal property choice for discerning homeowners who will be buying into the mature well-planned lush-landscaped, integrated and sustainable development of IOI Resort City.

The development will provide an affluent lifestyle to discerning homeowners within a resort environment in a guarded enclave close to 5-star branded hotels, an award-winning shopping mall and golf club and Green-certified office towers.