KUALA LUMPUR: IJM Land Bhd has teamed up with Singapore-based Perennial Real Estate Holdings Ltd (PREH) to acquire and develop RM3 billion freehold waterfront site in Penang.
In a statement today, IJM Land said the 13.26-hectare site in Gelugor will be developed into a large-scale integrated mixed-used development and be completed in phases, starting from 2018.IJM Land said both entities will each have an effective 50 per cent interest in the joint-venture (JV) company, Aura Hebat Sdn Bhd.
Under the agreement, the JV company will acquire the site from Jelutong Development Sdn Bhd, a subsidiary of IJM Land.
"The partners will fund the development of the project through a combination of internal funds, bank loans and sales proceeds from the sale of the residential and office components to optimise cash flow," IJM Land said.
It said the JV would also leverage on the combined strengths and expertise of IJM Land and PREH to deliver an international waterfront icon in Penang that will captivate the world once completed.
The project, positioned as Penang's first mega integrated waterfront icon, was expected to house retail, entertainment, recreational, residential, business, hospitality and meetings, incentives, conventions and exhibitions components, it said.-Bernama
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