Ivory Properties says Cheras apartments project is off

PETALING JAYA: Ivory Properties Group Bhd has terminated a memorandum of understanding (MoU) with Taman Segar Management Corp and Upper Label Sdn Bhd for the redevelopment of apartments in Cheras, which would have marked its foray into the affordable housing segment in Kuala Lumpur.
In a filing with Bursa Malaysia on Friday, the group said the MoU lapsed on July 11, 2018, with the parties mutually agreeing not to proceed with it.
Under the year-old MoU, the three parties had planned to demolish and redevelop three blocks of 35-year old apartments with 300 units and build 800 units on the 4.45-acre site.
Last year, the property developer said the purpose of the MoU was to have an understanding with Taman Segar residents to proceed with an application to Kuala Lumpur City Hall.
It said the market value of the land was RM400 to RM500 per sq ft and the new units would measure 800 sq ft each. The developer was to award 300 units to the residents as compensation while the remaining 500 units were to be sold at about RM300,000 each.
On Bursa Malaytsia, Ivory Properties fell 1.72% or half sen to 28.5 sen with110,000 shares traded last Friday.