The lack of affordable housing, and not access to credit, is what deters home ownership.
For the development of premises in Melaka on a 4.74-acre piece of land, which has an estimated GDV of RM350 million.
The group had novated its rights and obligations under its Islamic debt papers programmes to the plantation and property arms.
The suit against Ivory Indah Sdn Bhd (IISB) was filed in 2015 by businessman Datuk Krishna Kumar TN Sharma.
"The performance of the hotels and resorts business is expected to remain satisfactory, while the property market outlook is expected to remain lukewarm."