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Tuesday, February 21, 2012

Iris Land in PNG housing project

KUALA LUMPUR: Iris Corp Bhd’s wholly-owned subsidiary, Iris Land Sdn Bhd, has entered into a teaming agreement with Kida Maru Holdings Ltd for a housing project in Port Moresby, Papua New Guinea (PNG), worth RM160 million.

Kida Maru owns 14.75ha of land in Section Granville in Port Moresby with a valid developer’s licence.

It will jointly assist Iris Land in the development of the project that includes developing 275 units of houses.

The development is expected to be funded via project financing to be procured by the company.

By Business Times

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