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.
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