MB World accepts RM97.9m loan facilities for JB housing project

In a filing with Bursa Malaysia, Country View said that the acquisition

KUALA LUMPUR: MB World Group Bhd's unit has accepted RM97.90mil in loan facilities from RHB Bank Bhd to undertake serviced apartment projects in Johor Bahru.

It announced on Monday the serviced apartments were at Jalan Abdul Rahman Andak-Jalan Lingkaran Dalam in Johor Bahru with estimated GDV and gross development cost of RM542.35mil and RM396.83mil respectively which consists of Phase 1 (644 units) and Phase 2 (654 units).

MB World said the term loan of RM34.20mil was to part finance/reimburse the purchase of 7.586 acres  located along Jalan Abdul Rahman Andak.

There was also a revolving credit of RM7mil to part finance and/or reimburse the infrastructure costs
of developing the project.

The facilities also included a revolving credit of RM50.70mil to part finance/reimburse the construction costs of developing the project under phase one.

There was also a bank guarantee of RM6mil as a performance guarantee for the project.