IWCity acquires land for RM156mil in Johor

KUALA LUMPUR: Iskandar Waterfront City Bhd (IWCity) has entered into a conditional sale and purchase agreement with Bahagia Wangsa Sdn Bhd to acquire three adjoining parcels of freehold land measuring 67.5 acres in Pulai, Johor, for RM155.9mil cash with plans to undertake mixed development on the land.

“The group is proposing a mixed development project on the property comprising residential units, Rumah Mampu Milik Johor and shop-houses, with an indicative gross development cost of approximately RM480mil and a gross development value of RM629mil,” IWCity said in a filing with Bursa Malaysia yesterday.