IJM Land's property JV in Kerinchi/Pantai Dalam corridor (5215)

KUALA LUMPUR: IJM Land Bhd is undertaking a property development via a joint venture with Amona Development Sdn Bhd in the Kerinchi/Pantai Dalam corridor here.
It said on Tuesday its unit, Murni Lapisan Sdn Bhd
had inked a JV agreement with Amona to develop about 234,000 square
metres of leasehold land. The joint venture shall be known as
Amona-Murni Lapisan JV.
Amona had on June 21, entered into a privatisation agreement with the landowner Datuk Bandar Kuala Lumpur to build residential and commercial units on the site.
Under
the JV, Amona and Murni Lapisan would make available funds in
proportion to the profit sharing ratio of 60:40 to pay for all costs of
the project.
This would include payments to Datuk Bandar,
comprising of the project land value and the minimum guaranteed profit
of RM331mil, or RM391 million for the project land value and the
minimum guaranteed profit if project land value to be paid within three
years from the date of the PA; and the additional profit of 20% of the
difference between the actual profit and the minimum guaranteed profit.
IJM Land said the profit of Amona-Murni Lapisan JV would be shared by Amona and Murni Lapisan in the proportion of 60:40.
Murni
Lapisan's portion of development costs will be funded through mixture
of internally generated funds and/or bank borrowings.