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Tuesday, August 28, 2012

IJM Land has funding for London joint venture

IJM Land Bhd has secured the necessary funding for the RM1.4 billion joint-venture property development project in London and expects to start selling the properties within the next 12-15 months.

"We are now in the initial stage of the project and getting the necessary structure in place. In terms of sales, we expect to begin within the next 12-15 months," IJM Land chief executive officer and managing director Datuk Soam Heng Choon said after the company's annual general meeting yesterday.

The company will fund the project via internally generated funds and bank borrowings.

The project, which has a gross development value of STG280 million (RM1.37 billion), comprises a five-star hotel and residential units.

Early this month, IJM Land had entered into a shareholders' agreement with Lite Bell Consolidated Sdn Bhd to form a joint-venture company in Jersey - Mintle Ltd - to acquire a 999-year lease over a 1.09ha site.

The project is part of the company's plan to seek new earnings growth avenues abroad, given its already high earnings base in Malaysia.

For the financial year ending March 31 2013, the company plans to launch some RM2 billion worth of property projects, of which more than RM1.2 billion worth of projects have yet been launched.

These projects are located in Seremban, Shah Alam, Penang, Johor and also East Malaysia.

It also has some 1,944ha of land bank, with the potential gross development value of RM23 billion.

The company, which registered a revenue of RM1.2 billion for the year ended March 31 2012, hopes to grow its revenue this year, helped by continuous strong demand for its properties.

By Business Times

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