During the “30 Years Together” anniversary campaign period, a total of 558 purchasers booked and completed property transactions across the group’s selected residential, commercial, and industrial developments in Bandar Putra Kulai, Taman Lagenda Putra, Taman Kempas Utama, Bandar IOI Segamat, and Platino Avenue in the southern region.
The sale reduced EPF’s shareholding in the property developer to 4.
The RM367 million COVO features 601 serviced apartment units across a 38-storey high-rise (Tower A) and a low-rise residential block (Tower B).
IOI Properties said proceeds raised from this issuance will be used by the company or its subsidiaries for shariah-compliant purposes, including capital expenditure, working capital requirements, refinancing of existing borrowings, and general corporate purposes.
This sale gives the Malaysian developer full ownership over the South Beach mixed-used development, which includes South Beach Tower, South Beach Avenue, and the JW Marriott Hotel Singapore South Beach.
The notable improvement was supported by stronger performance in the property development segment and the Group’s strategic expansion into the hospitality & leisure segment.
The potential listing of two real estate investment trusts (REITs), which CGS International is confident will materialise, will lower IOI Properties’ gearing levels, the house noted.
The group's wholly owned IOI Consolidated (Singapore) Pte Ltd has inked a conditional share sale agreement with Ascent View Holdings Pte Ltd to acquire the stake in Scottsdale Properties Pte Ltd, the holding company of South Beach Consortium Pte Ltd, which owns the development.
Under RHB Green Residential Property Loan/Financing, home purchasers can opt for loan/financing margins of up to 95% (inclusive of entry cost financing), with an additional 5% to finance MRTA/MRTT coverage.
The group recorded net interest expense of RM100.
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