TA Global breaks ground on RM3b Ativo Annexe in Bandar Sri Damansara
Located on a 15-acre site, Ativo Annexe will comprise Amaya Residences (high-rise residences), The Arden (office suites) and DA Central Mall.
Located on a 15-acre site, Ativo Annexe will comprise Amaya Residences (high-rise residences), The Arden (office suites) and DA Central Mall.
The building, owned by former finance minister Tun Daim Zainuddin and his widow Toh Puan Na’imah Abdul Khalid, is subject to two forfeiture proceedings by the MACC, which are being challenged.
The new entrance provides quicker and more direct access to the station for those travelling to and from the riverside neighbourhood’s new pedestrianised high street, Electric Boulevard, as well as improving links for residents in the wider Battersea area.
Ijok, Selangor industrial land sold for RM6.
The facility is to partially finance costs and expenses incurred related to the capital expenditure works of its wholly owned subsidiary, Plaza on Hyde Park Ltd, to meet general corporate working capital requirements and to refinance certain existing Malaysian banking facilities.
The Ayu Residences comprises 11-storey low-rise blocks, beginning with Block 1, which is now available.
Ivory Properties will continue to operate as an unlisted entity following its delisting.
As a result, the project went ahead under the Land Acquisition Act 1970, with 67% of landowners agreeing and the remaining 33% facing compulsory acquisition.
Minister in the Prime Minister’s Department (Federal Territories) Datuk Seri Dr Zaliha Mustafa said residents themselves agreed to redevelop the area, selected the developer, and signed a deal without government interference.
The joint venture will allow S P Setia to reduce its capital outlay for the project and comes at a time when the company is targeting to lower its financial leverage, according to MIDF Amanah Investment Bank and Kenanga Investment Bank.