Iskandar Waterfront City Berhad had entered into a Heads of Agreement with Knusford Berhad in regards to the proposed disposal of 2 parcels of vacant unconverted development land in Tanjung Danga, Johor Bahru by Success Straits Sdn Bhd a wholly-owned subsidiary of IWCity, to KB.
The indicative disposal consideration ranges from RM90 million to RM95 million and the final consideration will be determined based on the valuation opined by the independent valuers mutually agreed to be appointed by the Parties.
Both parties will determine the land price based on the market value which will be assessed by an independent firm of valuer appointed by IWCity and KB as mutually agreed for the purpose of valuing the Lands. They have agreed to a detailed announcement of the proposed disposal to be made upon the execution of the definitive agreement.
IWCity is principally involved in property development, property land banking, and construction business while KB and its subsidiaries are principally involved in the trading of building materials, construction-related works, property development, and property investment.
The proposed disposal is for IWCity to unlock value for investment made in the lands and secure proceeds and potential use for settlement of amount owing between the parties
