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.
TOP PICKS BY EDGEPROP
East Residence @ KLGCC
Damansara, Kuala Lumpur
The Ritz-Carlton Residences
KLCC, Kuala Lumpur
The Residence, Mont Kiara
Mont Kiara, Kuala Lumpur
Damansara Heights (Bukit Damansara)
Damansara Heights, Kuala Lumpur
Monterez Golf & Country Club
Shah Alam, Selangor
Taman Perindustrian Desa Cemerlang
Ulu Tiram, Johor
Duduk Huni @ Eco Ardence
Setia Alam/Alam Nusantara, Selangor
Sunrise Technology Park @ Seskyen 35
Shah Alam, Selangor
Paloma @ Tropicana Metropark
Subang Jaya, Selangor