Originally scheduled for April 21, the delay followed a “thoughtful assessment” by the management team, according to a notice from the property developer’s external public relations firm sent on Thursday.
Under an agreeement signed on Thursday, Widad will acquire the 10.
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).
The upcoming development will feature 520 residential units, with an estimated gross sales value of RM492 million.
The company said the sale will not affect its ongoing project on the remaining land, which includes the development of eight factory buildings and a worker dormitory.
In a separate filing, Chin Hin stated the revocation and said the land would be sold to a new third-party buyer instead.
Cheng Kiat, 77, established Bina Puri in 1975 and has served on its board since Nov 5, 1990.
In a statement, the ministry also said that the building will be temporarily closed starting Thursday “in the interest of visitor safety and comfort, and to provide space for the new management to carry out maintenance and improvement works”.
The sale of the property to an investment firm, Airique Property Sdn Bhd, is expected to be completed by the third quarter of 2025, with an estimated net pro forma gain of RM4.
SkyWorld is buying the land, which could fit about 10 Olympic-sized swimming pools, from M S Tan Corporation Sdn Bhd, a wholly-owned subsidiary of MS Tan Holdings Sdn Bhd.
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