The agreement with Koperasi Kampung Melayu Balik Pulau Bhd (KKMBPB) will see the group developing the latter’s 89.89 acres of land into a mixed-use development with a minimum gross development value (GDV) of RM600 million.
According to the REIT's stock exchange filing yesterday, her resignation is "due to other personal commitments", and is effective immediately.
"They would be giving us a bridge. What we need have to be presented to them based on our cash flow requirement.”
Over the past year, IWCity shares fell 50.7% from RM1.35.
The cancellation was due to the government’s move to unify the development of affordable homes under the ministry of housing and local government.
The valuations are still ongoing, in light of the hotel’s strategic location as one of the main tourist spots and hotel zones in the centre of Kuala Lumpur.