news

IJM tightens grip on Canal City

KUALA LUMPUR: IJM Land Bhd, via wholly owned IJM Properties Sdn Bhd, is tightening its grip on the RM9 billion Bandar Rimbayu, formerly known as Canal City, after it proposed to buy another 10% stake in project developer Radiant Pillar Sdn Bhd (RPSB) for RM52.5 million cash.

RPSB is a 50:50 joint venture between IJML and KEB Builders Sdn Bhd.

With the proposed acquisition, IJML will increase its current equity interest to 60%, allowing it to consolidate the results of RPSB.

Bandar Rimbayu, in Kota Kemuning in Shah Alam, is expected to be developed within 10  to 12 years, and had its maiden launch in March 2013.


This article first appeared in The Edge Financial Daily, on August 13, 2013.

 

Looking for properties to buy or rent? With >150,000 exclusive listings, including undervalued properties, from vetted Pro Agents, you can now easily find the right property on Malaysia's leading property portal EdgeProp! You can also get free past transacted data and use our proprietary Edge Reference Price tool, to make an informed purchase.
SHARE