Sanbumi, Iconic to jointly develop RM127m GDV project in Penang

April 3rd, 2019 Leave a comment


Sanbumi Holdings Bhd has, via its wholly-owned subsidiary Sanbumi Sawmill Sdn Bhd, entered into a joint venture 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 hotel; 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: TheSunDaily.my


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  1. Sprinter
    April 9th, 2019 at 12:02 | #1

    Am interested on this project, but wonder what price range would the developer fix it at. Am concern if I could get the rental yield if the selling price by developer is too high.. Any view from brudders here?

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