we love to make it glut and so that eveyone can own a "highend" condo/office in an integrated dev...
i'm going to reveal a few more integrated developments later...
IJM Land's property JV in Kerinchi/Pantai Dalam corridorThe StarBiz | Tuesday September 11, 2012 MYT 7:37:00 PM
http://biz.thestar.com.my/news/story.asp?f...5&if_height=895KUALA 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.
This post has been edited by accetera: Jan 23 2013, 05:36 PM