In a joint statement on Friday, the companies said that the project is related to phase three of Arden @ One Bukit Senyum, which is slated to launch in the fourth quarter of 2024, with construction expected to be completed within 48 months.
Economy Minister Rafizi Ramli said this approach aims to prevent the government from repeating past mistakes and to mitigate the risk of wasting taxpayer money on infrastructure.
Onn Hafiz's visit was part of UOB's efforts to strengthen collaboration initiatives under the SEZ that was announced in January by government leaders from both Singapore and Malaysia.
The project is slated to be completed within 15 months from the date of commencement, which will be determined by the architect, ARC Alliance Sdn Bhd.
Upon completion of the acquisition, Sunway pointed out that the acquisition will also entail financial requirements to fund the future development of Sakura Residence.
The RTS, which is currently 65% finished and expected to start running in 2026, will make it much easier for people to travel between the two areas, boosting economic activity.
Singapore-listed Singtel, via its regional data centre business Nxera, is said to be in talks with Malaysian authorities to set up a data centre in Iskandar Puteri in the southern state, sources told The Edge.
"As we reevaluate our remaining land bank potential, this divestment and monetisation strategy sets the groundwork for substantial technological, economic and community advancements in Johor.
According to AME Elite, the proposed acquisition, which is expected to be completed by the third quarter of this year, presents a strategic investment opportunity to increase its land bank.
Looking to the final quarter of the financial year, IOI Properties said the group is optimistic of a satisfactory performance, adding that its property development segment in the Klang Valley is poised to improve with a strong pipeline of launches while its Johor projects are well-capitalised on various proposed initiatives taking shape in the state.
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