Iskandar Waterfront City extends Greenland Tebrau payment dates

PETALING JAYA: Iskandar Waterfront City Bhd (IWC) has extended the payment dates of two of the installments owed to it by Greenland Tebrau Sdn Bhd (GTSB) for the purchase of three pieces of land in Johor.

In a filing with Bursa Malaysia, IWC said the payment date of the second instalment for Lot 1-A BPP for the sum of RM46.32mil has been extended from Oct 15, 2017 to March 15, 2018.

The payment date of the third instalment for Lot 1-A BPP for the sum of RM46.32mil will be extended from Jan 15 to April 15 this year.

IWC said that save for the specific extensions granted, all the terms and conditions contained in the sale and purchase agreement and the supplemental agreement shall remain in full force and effect.

In 2015, IWC had proposed to sell three pieces of land measuring 51.8 ha in Plentong, Johor, held by IWC subsidiary Tebrau Bay Sdn Bhd, to GTSB for RM2.37bil cash.

IWC said it would book a RM1.2bil profit, or RM1.80 per share, from the disposal of land to special-purpose vehicle GTSB.

GTSB is 20%-owned by IWC (through unit Southern Crest Development Sdn Bhd) and 80% by the Greenland group (via Greenland Malaysia Real Estate Operator Sdn Bhd).

China-based Greenland is also IWC’s partner in a waterfront city project in Johor with an estimated gross development value of RM18.4bil.