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KUALA LUMPUR: Iris Corporation Bhd plans to invest RM130mil in a property joint venture with Technology Park Malaysia Corp Sdn Bhd in Bukit Jalil.
 
Iris Corp said on Tuesday it had signed a teaming agreement with Technology Park to combine their resources to develop, build and manage a proposed residential development project on a parcel of land in Phase 3 TPM Bukit Jalil.
 
“The company proposes to invest in an initial investment sum estimated at RM130mil for the implementation of the first phase of the project. 
 
“The estimated investment sum will be utilized for the project subject to and conditional upon the procurement of all approvals, fulfilment of conditions precedents and terms and conditions under the agreement,” it said.
 
TPM is the beneficial owner of the land and it will provide 28.89 acres for the project. TPM shall sub-lease the land to the special purpose vehicle at a nominal consideration for the purpose of the project.
 
“Iris Corp shall play the role of investor, contractor and developer and shall inject and provide the investment to construct, develop, complete and manage the project at its own costs and expenses,” it said.
 
Iris Corp said the JV would enable it to expand its business by constructing residential accommodations (including but not limited to town houses and hostels) and high rise apartments using the IRIS-KOTO Industrial Building System (IBS). The target market for the residential units would be students.
 
“This project will further synergise the efforts of the company and TPM in creating a holistic technology educational hub proposed to be established in TPM Bukit Jalil,” it said.
 

TPM is a government agency under the Ministry of Science, Technology and Innovation (MOSTI). Its core activities are to provide a comprehensive technopreneur and enterpreneurship programmes for industry clusters in ICT, biotechnology and life sciences and providing advance engineering, ICT and incubation services.


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KUALA LUMPUR: Property developer, GuocoLand (M) Bhd, is bullish its flagship project, Damansara City, will be launched by the first quarter of this year.

“We are very optimistic of a positive take-up rate,” said Managing Director Tan Lee Koon of the integrated development worth RM2.5 billion in gross development value.

The project, comprising the high-rise luxurious ‘DC Residency’, office tower, an open street concept lifestyle mall and hotel, was likely to be fully completed within a 15 months period.

It would also coincide with the construction timeframe for the Mass Rapid Transit (MRT) station being built next to Damansara City.

Tan said the project would see its residential towers as the first component to be completed, within mid-2015.

“Sales for DC Residency will only start in the first quarter but we have already received tremendous queries and encouraging response from potential buyers.

“The most important thing is location and being the first mixed project in this sought-after area and with a supply limited, we are confident,” he told Bernama.

DC Residency comprises 370 units of contemporary designed homes – one bedroom to 3+1 bedroom units and penthouses.

For the mall and hotel, Tan said Guocoland planned to make the towers attractive to people staying in the neighbourhood, focusing on food and beverages strategy, as well as, luxury lifestyle that comes with a five-star service.

He said the hotel would be operated by The Clermont from London, which was making its debut in Asia.

Going forward, Tan said the company was cautiously optimistic of the outlook for the year, however, he believed the country’s fundamentals remained intact.

“With the Mass Rapid Transit (MRT) in place, improving infrastructure system and the implementation of Goods and Services Tax will have a big impact on the industry.

“I am very confident about the property market especially in the Klang Valley,” he said.

GuocoLand, the property arm of the Hong Leong Group, currently has a landbank of approximately 4,046.86 hectares in Kuala Lumpur, Selangor and Melaka. -- BERNAMA

 


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JOHOR BARU: The controversial multi-billion-ringgit Forest City Project, which was suspended for about six months, has finally been given the green light to resume, after being scaled down by at least 30%.

The project, which was initially slated to cover 1,978ha, has now been scaled down by approximately 610ha to 1,368.05ha.

The project is expected to resume following the Department of Environment (DOE) approval of the project’s detailed environmental impact assessment (DEIA) on Jan 9.

Johor Health and Environment executive committee chairman Datuk Ayub Rahmat confirmed that he had been informed that the DOE had given the nod for the project to resume.

“However, there are conditions which come with the approval and I hope the developer will fulfil all these conditions,” he told StarBiz here.

But when asked about the conditions, he said he had yet to read the contents of the report, as he was on leave and would be going away to perform his umrah.

Asked when the project was expected to resume, he said he was not sure, adding, however, that the developer would be able to proceed with the development now that the DEIA report was out.

The project, by Chinese developer Country Garden Pacificview (CGPV), will create four man-made islands with a gross development value of RM600bil over a period of 30 years.

It is a joint-venture between the state Government’s subsidiary company Kumpulan Prasarana Rakyat Johor and China real estate developer Country Garden Holdings Ltd.

Many quarters had in the past voiced concerns, mainly local fishermen and residents, over their livelihood and the dangers to the marine life in Gelang Patah.

Even the Singapore Government had expressed its concerns about the project in a note to Putrajaya, resulting in the project being temporarily halted, pending the outcome of the DEIA.

CGPV voluntarily ceased construction on June 16 last year because the DOE had requested a DEIA to accompany the project’s viability assessment and the state government approvals.

In the past, the state DOE had given CGPV the clearance to start reclamation works for the first phase of about 49.3ha, but ceased operations in June last year when concerns were raised about the project.

At the height of the issue, there were conflicting reports over the DEIA report, including the possibility that the project would be scaled down.

Meanwhile, CGPV, when asked about the number of conditions imposed by the DOE with regards to the DEIA approval, replied that “we are highly committed to ensuring all the environmental factors are thoroughly assessed and mitigated. Upon commencement of the work, we will submit an updated Environmental Management Plan together with a frequent third-party audit as requested by the DOE”.

Meanwhile, CGPV executive director Datuk Md Othman in a statement said that the DEIA covered the measures proposed to minimise or mitigate environmental impacts through integrated and workable solutions, which were acceptable to the DOE.

“Our next step is to ensure that all compliance monitoring, in terms of air, noise, water quality and sediments, is robustly implemented and carried out.

“One of our immediate priorities is to minimise the impact to the local communities and ensure the surrounding ecology is well-preserved.

“On behalf of CGPV, I will like to extend my appreciation to all parties who have made their contributions to the DEIA.

“Rest assured that we will continue to work closely with all stakeholders and regulatory authorities to ensure the project development always takes into consideration the needs of the communities and the environment,” he added.

He further stated that the approval of the DEIA was a step forward in its goal to bring sustainable development to the state.

Othman added that among the tangible benefits include diversifying the income base and improving the quality of living of the local communities by providing workshops and training schools in different sectors, rejuvenating the infrastructure in the area.

Among them include the building of a new access road, the construction of power stations and a new water reticulation system.

“We hope to increase investment activities in the region by creating an investment corridor,” he added.

 


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