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.
The project is located 8km from the upcoming Rapid Transit System (RTS) station at Bukit Chagar, which will connect Johor Bahru to Woodlands, Singapore.
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%.
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.
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.
The contract involves the construction of a 47-storey tower comprising 732 serviced apartment units.
“Singapore is clearly at the stage where I don't think we can expand anymore in terms of physical capacity.
In a bourse filing on April 29, West River, which specialises in mechanical and electrical engineering, noted it had 26 contracts with a total unbilled order book of RM247.
Some prospective investors have made multiple visits and are exploring setting up integrated operations through the recently established Iskandar Malaysia Facilitation Centre, according to the Iskandar Regional Development Authority (IRDA).
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