News about properties

The RM367 million COVO features 601 serviced apartment units across a 38-storey high-rise (Tower A) and a low-rise residential block (Tower B).

IOI Properties said proceeds raised from this issuance will be used by the company or its subsidiaries for shariah-compliant purposes, including capital expenditure, working capital requirements, refinancing of existing borrowings, and general corporate purposes.

This sale gives the Malaysian developer full ownership over the South Beach mixed-used development, which includes South Beach Tower, South Beach Avenue, and the JW Marriott Hotel Singapore South Beach.

Lagenda Properties offloaded 30 million shares, or a 7.

The notable improvement was supported by stronger performance in the property development segment and the Group’s strategic expansion into the hospitality & leisure segment.

The receivership happened because Ivory Indah failed to pay its debts by Aug 12, breaking the terms of its loan agreements with CIMB Islamic.

Further compounding Ivory’s challenges, the company also announced on Aug 21 that Bursa Securities had rejected its application for an additional extension of time to submit its regularisation plan.

MUI Properties announced plans to pay out dividends from the sale just last week, after it varied the utilisation of proceeds “to reward its shareholders by returning capital to its valued shareholders for their continuous support while continuing to invest in MUI Properties Group’s future”.

As a result, trading in Ivory’s securities will be suspended effective Aug 29, and the company will be de-listed on Sept 3, unless an appeal is submitted.

Ivory Properties has been in Practice Note 17 (PN17) status since 2022 after its auditor flagged its ability to continue as a going concern.