News by Arjuna Chandran Shankar

The valuations are still ongoing, in light of the hotel’s strategic location as one of the main tourist spots and hotel zones in the centre of Kuala Lumpur.

The cancellation was due to the government’s move to unify the development of affordable homes under the ministry of housing and local government.

The group attributed its results to the progressive recognition of its ongoing development projects, specifically United Point Residence, Sentul Point Suite Apartments, South Link Lifestyle Apartments and sale of stocks.

Over the past year, IWCity shares fell 50.7% from RM1.35.

"They would be giving us a bridge. What we need have to be presented to them based on our cash flow requirement.”

Vertice Bhd executive director Wong Kwai Wah: “We are supposed to start in March, but the Penang state government’s land is not ready. Until we receive the land we won’t be able to start work.”

“The review showed that the government would be able to recover all of its opportunity cost and investment made into TRX."

The conditions precedent to the sales and purchase agreement had not been fulfilled on Feb 1, the group said in a filing with Bursa Malaysia yesterday.

According to the REIT's stock exchange filing yesterday, her resignation is "due to other personal commitments", and is effective immediately.

The agreement with Koperasi Kampung Melayu Balik Pulau Bhd (KKMBPB) will see the group developing the latter’s  89.89 acres of land into a mixed-use development with a minimum gross development value (GDV) of RM600 million.