MB World to develop Integrated Waterfront project in Johor Baru

PETALING JAYA: MB World Group Bhd will develop a mixed development project “Integrated Waterfront” in Johor Baru on 49.62 acres of land belonging to the government with a gross development value of RM1.46 billion.
MB World told Bursa Malaysia that its wholly owned subsidiary Danga Palm Sdn Bhd (DPSB) had entered into a development right agreement (DRA) with PIJ Holding Sdn Bhd’s wholly owned subsidiary PIJ Property Development Sdn Bhd (PPDSB).
The mixed development consists of serviced apartments, affordable houses, townhouses, shop offices and a shopping mall.
MB World said the DRA will provide the group the development rights to the landbank as opposed to outright purchase of landbank which will require significant cash outlay.
“PPDSB has already applied for and obtained the relevant approval for the conversion and usage of the development land for building purposes. This will allow the group to commence with the development project in a short span of time.”
Under the DRA, PPDSB will be entitled to receive 7% of the GDV from DPSB.
MB World shares were unchanged at RM2 on some 15,300 shares done.