The project, called Tabuan Tranquility and covering 66ha, has a gross development value of RM512mil.
Located along the Kuching-Kota Samarahan Expressway, the project will comprise 640 double-storey terrace houses, 86 double-storey semi-detached houses, 60 townhouses, 76 four-storey shophouses, 72 semi-detached industrial buildings, 47 residential detached lots and one office block.
Chew Chiaw Han ... 'Earthwork for the project completed'
Ibraco signed a conditional joint development agreement on the project with its wholly-owned unit Ibraco LCDA Sdn Bhd and landowner Wee Song Ching on Wednesday.
The 66ha land is jointly owned by Ibraco, Ibraco LCDA and Wee.
Ibraco will buy the 2.62ha owned by Wee for RM16mil via the issuance of 16 million Ibraco shares.
Ibraco chief executive officer Chew Chiaw Han said earthworks for the project had been completed and infrastructure work was under way.
Chew said the 76 shophouses would be built first, adding that 80% of the units had been sold since the launch more than two weeks ago. The shop houses are priced between RM1.07mil and RM1.8mil each.
“The entire Tabuan Tranquility project is expected to be carried out in phases for completion in 2015.
“We will open sales for the residential properties within three months,” he told StarBiz yesterday.
The project, to be financed by internal funds and bank borrowings, is expected to generate an estimated gross profit of RM82mil.
AmInvestment Bank Group, in announcing Ibraco’s proposed regulatisation plan, said the Tabuan Tranquility project was expected to give the Ibraco group a steady stream of income for the next five years, and that it would contribute positively to the group’s future earnings.
Ibraco was classified a PN17 company after its revenue for the financial year ended Dec 31, 2009 fell below 5% of its paid-up capital.
The plan is expected to be completed by the first quarter of next year, paving a way for the lifting of Ibraco from the PN17 status. On completion of the plan, Wee’s stake in Ibraco would balloon to 17.32%, from 4.03%, and he would emerge as the second largest shareholder.
Sharifah Deborah Sophia Ibrahim, the current single largest shareholder, would see her equity interest diluted to 21.7% from RM25.07%.
Sharifah is the daughter of Ibraco founder, the late Wan Alwi Ibrahim, whose family once held more than 60% stake in the company.
Singaporean Ng Cheng Chuan and Hiap Ghee Seng Sdn Bhd, controlled by Chew, would end up with stakes of 16.61% and 11.08% respectively.
Ibraco has developed more than 404ha in Tabuan and Stutong areas and built over 10,000 properties over the years.
By The Star
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