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IWC to buy freehold Johor land for RM629 mil

KUALA LUMPUR (April 23): Iskandar Waterfront City Bhd (IWC) plans to acquire three adjourning parcels of freehold land in Johor Baru, which measures a collective 67.5 acres (27.3ha) for RM156 million or RM53 per sq ft, for a proposed mix development with a gross development value of RM629million, The Edge Financial Daily reported today,

IWC said the proposed mix development has an indicative gross development cost of approximately RM480 million and will consist of residential units, Rumah Mampu Milik Johor and shop houses. The development is said to be in the “early stage of planning” and there is “no confirmed detailed information” as yet.

IWC’s wholly-owned unit Bayou Management Sdn Bhd entered into a conditional sale and purchase agreement with Bahagia Wangsa Sdn Bhd for the said acquisition. This is in line with IWC’s growth strategy accumulating “new suitable land” to enhance its future earnings and revenue.

The proposed acquisition is expected to be funded via bank borrowings and/or internally generated funds. It will also require approvals from its shareholders and the relevant state authority. According to IWC, the project is targeted to be completed by the fourth quarter of 2015.

The proposed acquisition will further complement nearby parcels of land that are being developed by the group’s sister company, Danga Bay Sdn Bhd, also known as Danga Heights.

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