The financing involves CIMB Group Holdings Bhd, Crédit Agricole, DBS Bank Ltd, Malayan Banking Bhd, Standard Chartered, United Overseas Bank, and Oversea-Chinese Banking Corporation Ltd.
Johor Menteri Besar Datuk Onn Hafiz Ghazi said this was a substantial increase from RM4 billion achieved in the same period last year.
The project is located 8km from the upcoming Rapid Transit System (RTS) station at Bukit Chagar, which will connect Johor Bahru to Woodlands, Singapore.
Johor Menteri Besar Datuk Onn Hafiz Ghazi expressed hope that this achievement would serve as a stepping stone towards resolving other abandoned housing projects across Johor.
Tropicana’s financial position continues to improve, with gross gearing level reduced from 0.
To undertake the project, a special purpose vehicle will be established with Twinicon holding a 75% stake and Crest Star holding the remaining 25%.
Johor Menteri Besar Datuk Onn Hafiz Ghazi said the agreement was reached following discussions facilitated by the Johor branch of the Malaysian Investment Facilitation Centre and the Johor Talent Development Council.
Arden is the first component of Phase 3, which will also include a shopping mall and a five-star hotel, of the One Bukit Senyum development, the flagship project of Astaka, and is located within the Johor-Singapore Special Economic Zone.
State Housing and Local Government Committee chairman Datuk Mohd Jafni Md Shukor said the initiative is specifically designed for B40 individuals who are not listed under the e-Kasih database but still require support to own affordable homes on their own land.
Landserve (Johor) Sdn Bhd executive director Wee Soon Chit said things have "gone crazy", referring to skyrocketing land transactions in Johor Bahru driven by the upcoming RTS Link to Singapore.
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