IJM Land in JV to develop Kerinchi-Pantai Dalam land

KUALA LUMPUR: IJM Land Bhd, through its wholly-owned subsidiary Murni Lapisan Sdn Bhd (MLSB), has entered into a 40:60 joint-venture agreement with Amona Development Sdn Bhd to develop 57.82 acres of land in the Kerinchi-Pantai Dalam area.

The land is accessible via Jalan Kerinchi from the Federal Highway and is within 3km from the KTM Commuter and rapid KL light-rail transit network.

“The venture represents an excellent opportunity for the group to strengthen its presence in the Klang Valley and to participate in a development which is strategically located in
the Kerinchi/Pantai Dalam corridor,” said IJM Land in an announcement yesterday.

“It is one of Klang Valley’s choice locations in view of its proximity to Kuala Lumpur city centre and the prime neighbourhood of Bangsar, Damansara Heights, Pantai and Mid Valley City,” added the group, without indicating the estimated gross development value of the project.

Amona Development has already entered into a privatisation agreement with Datuk Bandar Kuala Lumpur to undertake the construction of residential and commercial units on the
said land.

To kick start the project, MLSB and Amona Development will have to make available funds in the 40:60 proportion to pay for all costs of undertaking the development, which include a payment of between RM331 million and RM391 million to the Datuk Bandar for the project land value and the minimum guaranteed profit, as well as a sum of 20% for the difference between the actual profit and the minimum guaranteed profit.

Amona Development is part of the Amona group of companies, a property construction and development conglomerate founded by Datuk Othman Ahmad.