PETALING JAYA: Iskandar Waterfront City Bhd
(IWC) has entered into a legally binding term sheet with WB Southern Sdn Bhd for the disposal of a piece of leasehold vacant land measuring 16.426 acres in Johor Baru, Johor for RM71.55mil.
In a filing with Bursa Malaysia, the property developer said the land is held on a leasehold basis, with the lease set to expire in 2097.
“As the remaining term of the lease shortens, it is anticipated that the market value of the land will gradually decline, reflecting the diminishing leasehold tenure.
“Unless the lease tenure is successfully renewed, potentially at a significant cost, this decline in value is likely to continue as the expiry date approaches.”
IWC said the proposed disposal forms part of the group’s ongoing efforts to optimise its asset portfolio and capital structure.
“Moreover, it aligns with the group’s broader strategy to strengthen financial resilience, enhance liquidity and redeploy capital into developments and investment opportunities that support long-term growth.
“The proposed disposal will enable the company to utilise the proceeds to align with the group’s strategy to fund investments in new projects, as well as to strengthen the financial position for its existing business operations.”
Barring any unforeseen circumstances, IWC said the proposed disposal is expected to be completed in the third quarter of financial year 2026.
