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Chau Thi Thu Nga sold hundreds of apartments to prospective homeowners starting from 2009, though the project was not licensed and the properties were never built.
IOI Properties has a total remaining GDV of ongoing domestic projects of RM4.3 billion, spread across 13 townships.
The project involves the building, infrastructure and landscaping works of the proposed development in Taiping, Perak.
Demonstrating “strong demand for residential units” within the award-winning township.
The city's fifth tallest skyscraper would become Hong Kong's most expensive commercial building ever sold if the HK$40.2 billion (US$5.15 billion or RM21.75 billion) deal goes through.
According to Sierac, the move will enable it to diversify its business into property development, which in turn will reduce its reliance on the business of trading of steel-related products.
Najib said Malaysian government-owned MyHSR Corp Sdn Bhd had started the land acquisition process for the project.
Earlier this year, WCT had raised about RM178 million.