Penang land sold within the IJM group for RM402.8mil

KUALA LUMPUR: IJM Properties Sdn Bhd’s subsidiary Aura Hebat Sdn Bhd will acquire 32.76 acres within the IGB group’s existing The Light Waterfront development in Penang for RM402.8mil and turn it into an integrated waterfront mixed-use development.

IJM Corp, the ultimate parent company of IJM Properties, told Bursa Malaysia on Tuesday that the development would comprise a shopping mall and thematic shops, residential towers, an office tower, two hotels and a convention centre with a total gross floor area of about 4.1 million sq ft, excluding carparks.

IJM Corp announced that IJM Properties’ unit The Light Waterfront Sdn Bhd had bought a 50% equity interest in Aura Hebat, a 50:50 joint venture between IJM Properties’ unit The Light Waterfront Sdn Bhd (TLW) and Perennial Penang Pte Ltd, for RM1. (The statement did not state whether the one ordinary share that represents a 50% stake was bought from TLW or from Perennial Penang.)

Aura Hebat will acquire the property from Jelutong Development Sdn Bhd, an 80%-owned subsidiary of IJM Properties, subject to, among others, the receipt of documents of title to the property from the relevant Penang authorities.

IJM Corp also announced to the bourse that following the completion of the disposal of 38% equity interest in Kuantan Port Consortium Sdn Bhd (KPC) to Beibu Gulf Holding (Hong Kong) Co, Ltd on March 5, 2014, the transaction for the disposal of the remaining 2% equity interest in KPC to Beibu by Essmarine Terminal Sdn Bhd, a unit under IJM’s wholly-owned subsidiary Road Builder (M) Holdings Bhd, was completed on Tuesday.