Country View gets RM232m loan to part-finance land purchase in Iskandar Puteri

KUALA LUMPUR (Sept 7): Country View has accepted banking facilities totalling RM232 million to part-finance the purchase of a piece of 164-acre vacant land in Iskandar Puteri, Johor.

The property developer said the facility was offered to its wholly-owned subsidiary, Country View Resources Sdn Bhd, by RHB Islamic Bank Bhd and MBSB Bank Bhd.

Of the amount, RM217 million would be used to part-finance the RM310 million purchase price of the land, the group said in a filing with Bursa Malaysia.

The remaining RM15 million would be used for preliminary work including earthworks, main access roads, sewerage treatment plant and main drainage.

The project in Iskandar Puteri comprises 463 double-storey resort link villa units and 182 three-storey semi-detached shops.

Country View’s shares closed two sen or 1.43% lower at RM1.38, for a market capitalisation of RM138 million.