Iris to invest initial RM130m in project

PETALING JAYA: Iris Corporation Bhd is planning a joint venture with Technology Park Malaysia (TPM) Corp Sdn Bhd to develop a residential project on a piece of land in Phase 3 TPM Bukit Jalil with a RM130 million initial investment.
"The company proposes to invest in an initial investment sum estimated at RM130 million for the implementation of the first phase of the project," Iris Corp told Bursa Malaysia yesterday.
TPM is the beneficial owner of the land and it will provide 28.89 acres for the project. It will then sub-lease the land to the special purpose vehicle at a nominal consideration for the purpose of the project.
"Iris Corp shall play the role of investor, contractor and developer and shall inject and provide the investment to construct, develop, complete and manage the project at its own costs and expenses," it said.
Iris Corp said the JV would enable it to expand its business by constructing residential accommodations (including but not limited to town houses and hostels) and high rise apartments using the IRIS-KOTO Industrial Building System (IBS). The target market for the residential units would be students.
"This project will further synergise the efforts of the company and TPM in creating a holistic technology educational hub proposed to be established in TPM Bukit Jalil," it said.