Perennial Real Estate Holdings: Enter Into Joint Venture With IJM Land To Acquire & Develop An Over RM3 Billion Waterfront Integrated Development In Penang
Perennial Real Estate Holdings Limited and IJM Land Berhad have entered into a 50-50 joint venture to acquire and develop an approximately 1.4 million square feet freehold waterfront site into a large-scale integrated mixed-use development in Gelugor town located on the eastern coastline of Penang, Malaysia.
The Joint Venture will acquire the site from Jelutong Development Sdn Bhd, a subsidiary of IJM Land. The total development cost for the project is estimated to be over RM3.0 billion.
