The agreement provides for the conclusion of a joint venture with a stake in Cipta Klasik (M) Sdn Bhd (“the company”), a single ad hoc entity created for this development, Tan-Tan holding a 70% stake in the company and MJRI owning the remaining 30%. The planned construction has a gross development value of RM617m. Tan and MJRI are developing a 41-storey residential property with 400 residential units with service apartments that will include facilities such as swimming pools, gymnasium, meeting rooms and spacious recreation areas. The Stonor 3 project is located near Kuala Lumpur`s central business district and in the coveted KLCC area and is easily accessible by public transport such as the Ampang Park LRT. The agreement is also an important milestone for Mitsubishi Real Estate Group, as it is the company`s first exit in Malaysia as part of its longer-term plan to accelerate growth in fast-growing Asian markets by strengthening its international business network and developing joint projects with local partners. Tan Boon Lee, CEO of Tan-Tan, said: “We are very pleased to be working with Mitsubishi Jisho Residence through our agreement with MJRI and hope that this will mark the beginning of a long and fruitful relationship. As part of Mitsubishi Estate Group, the company is very experienced and we look forward to working with them as local partners here in Malaysia. As part of the agreement, Tan-Tan has also been appointed project manager, marketing advisor and director of business management for this project and will use his extensive real estate development experience and knowledge of the Malaysian real estate landscape to complete its development. Tan – Tan Developments Berhad (“Tan-Tan”) today signed a joint venture agreement with MJR Investment Pte Ltd (“MJRI”), a joint venture agreement with MJR Investment Pte Ltd (“MJRI”), a company created by Mitsubishi Jisho Residence (“MJR”), which will allow the parties to jointly cooperate and cooperate in order to jointly develop land in connection with MJR Investment Pte Ltd (“MJRI”).
The agreement was signed by Tan Boon Lee, Chief Executive Officer of Tan-Tan, Teh Boon Ghee, Executive Director of Tan-Tan, Katsuaki Mori, Senior Executive Office of MJR, and Shojiro Kojima, Managing Director of Mitsubishi Estate Asia. Tan – Tan Developments Berhad is a wholly owned subsidiary of IGB Berhad Corporation, a Malaysian company listed on Bursa Malaysia`s senior board of directors. Founded in 1971, the company is a diversified developer with an outstanding track record in the development of residential and commercial buildings.