Instacom, soon to be renamed Vivocom Intl Holdings Bhd, will be the leader in the consortium tasked with seeking an international partner to fund the project.
The Penang-based company, which was originally involved only in the manufacture of precision sheet metal fabricated parts, is jointly developing the RM800 million City of Dreams condominium project in Bandar Tanjong Pinang, Penang with Consortium Zenith BUCG Sdn Bhd, and bagged its second project on the island last week.
Mah Sing said the vendor had offered to settle the dispute out of court by refunding the entire deposit, and Mah Sing has agreed to the settlement to avoid a protracted litigation.
Bandar Tanjong Pinang entails 110 acres of reclaimed land in Penang that was given to CZBUCG by the Penang state government as compensation-in-kind for the building of the RM6.3 billion Penang undersea tunnel project, which includes three road bypasses.
The property, known as AmBank Group Leadership Centre, is an office building comprising a 10-storey office block, a penthouse and a 3-level car park constructed on a freehold tract spanning 1,428 sq m.
MRCB said the RM640 million price tag for the proposed disposal is based on a valuation by independent valuer C H Williams Talhar & Wong Sdn Bhd. The purchase is expected to be funded by MQREIT via a combination of cash and issuance of new units.