Sanbumi, Iconic to jointly develop RM127m GDV project in Penang

PETALING JAYA: Sanbumi Holdings Bhd has, via its wholly-owned subsidiary Sanbumi Sawmill Sdn Bhd, entered into a agreement with Iconic Development Sdn Bhd to construct and develop a RM127 million commercial development project called Iconic Point, located in Simpang Ampat, Seberang Perai Selatan.

The project will be developed on a freehold 8.7-acre landbank that was acquired by Iconic in 2018. It is expected to be completed by June 2021.

It comprises 48 units of three-storey semi-detached shop-offices; a three-storey detached shop-office; a four-storey 48-room boutique ; and three units of two–storey drive-thru concept detached shops.

Sanbumi managing director Datuk Chua Tiong Moon said the joint venture agreement with Iconic is in tandem with Sanbumi’s diversification strategy into the property development sector.

To fund the proposed development, Sanbumi also proposed an issuance of 57.32 million new redeemable convertible preference shares and a special issue of up to 74.7 million new shares.

Based on an indicative issue price of 29.5 sen per special issue share, the proposed special issue of shares is expected to raise up to about RM22.04 million.

Source: The Sun Daily

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