KUALA LUMPUR (July 13): Ivory Properties Group Bhd is teaming up with Taman Segar Management Corp and Upper Label Sdn Bhd to form a strategic alliance to jointly re-develop a piece of land here.

In a filing with Bursa Malaysia yesterday, Ivory said it has entered into a Memorandum of Understanding (MoU) with the two companies for the proposed project.

Under the MoU, Ivory, Taman Segar Management and Upper Label will work together to re-develop the project land by demolishing three existing blocks of 300 units on the land and build at least 800 units, of which 300 units will be compensation for the existing unit owners.

"The parties desire to join their skills, experience and resources to work together to re-develop the project land for mutual interest and benefit and to provide better homes for the existing unit owners on the land," said Ivory.

Ivory shares closed 1.5 sen or 3.75% at 41.5 sen yesterday, with 321,200 shares done, bringing a market capitalisation of RM203.38 million. — theedgemarkets.com

For more stories, download TheEdgeProperty.com pullout here for free.

SHARE
SPONSORED CONTENT
Sabah’s next frontier: a prime window for resort investments in East Malaysia’s coastal belt

With the Pan Borneo Highway and the Tawau Airport upgrades, one of Sabah’s biggest challenges—its infrastructure bottlenecks—will be removed in the near future, creating an ideal window for investment in the tourism industry.

read more
RELATED POSTS
  1. Malvest Group, COOP OKB ink MoU to expand quality homeownership in Kelantan
  2. AFFIN and IKEA ink MOU to support homeowners via integrated financing and furnishing solutions
  3. SkyWorld inks MOU with MARA to strengthen investment and education collaboration