The properties are part of 24 properties that CIMB Bank has been leasing from EPF under a sale and leaseback agreement dated Dec 30, 2009, which is set to expire on June 30 this year.
The transaction, announced by Genting Malaysia on Friday via a bourse filing, will result in Empire Resorts becoming an indirect wholly owned subsidiary of Genting Malaysia, via Genting ER Ltd.
"We are pleased with the decision by DBKL, which acknowledges the positive findings regarding the safety and stability aspects outlined in the independent report," said TCS director Datuk Tee Chai Seng.
Transport Minister Anthony Loke said the proposal has been approved by the Cabinet and fully supported by Prime Minister Datuk Seri Anwar Ibrahim.
The 109 developers blacklisted were mostly “due to non-compliance with regulatory requirements for their projects”.
Its president Tan Sri Soh Thian Lai proposed that the action plan be implemented jointly by the Ministry of Housing and Local Government, the Ministry of Human Resources, and local authorities.
On April 30, Sentoria said the delay was due to ongoing financial challenges, including several demand letters, legal proceedings, and receivership actions, which the company said have severely strained its resources and impacted its ability to meet reporting obligations.
Johari, 53, was also former CEO of Hektar Real Estate Investment Trust and led the company’s post-pandemic recovery to profitability.
The move leverages Eco World International’s strong balance sheet and allows for future collaborations with Eco World Development Group Bhd (KL:ECOWLD) for a “fresh income base” while reducing earnings volatility from overseas projects, Maybank Investment Bank said.
This latest phase adds two new Gehry Partners designed residential buildings comprising 306 new homes.
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