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.
The cancellation was due to the government’s move to unify the development of affordable homes under the ministry of housing and local government.
Over the past year, IWCity shares fell 50.7% from RM1.35.
"They would be giving us a bridge. What we need have to be presented to them based on our cash flow requirement.”
According to the REIT's stock exchange filing yesterday, her resignation is "due to other personal commitments", and is effective immediately.