IJM lands RM864.7 mil contract for two Penang projects

IJM Corporation Bhd has received a letter of award for the development of a 11-storey retail mall and convention centre in Penang, to the tune of RM864.7 mil.

The letter award was to a wholly-owned subsidiary, IJM Construction Sdn Bhd, by Tumpuan Azam Sdn Bhd.

Construction of the retail mall is to be completed by July 31, 2024, and the convention centre by Sept 30, 2024, according to a bourse filing by IJM.

“The project is part of the development of the integrated waterfront mixed development project in Penang known as The Light City, which will consist of a convention centre, retail malls, hotels, residential condominiums, and offices,” said IJM.

This marks a joint venture between IJM and Perennial Real Estate Holdings Limited, a company incorporated and listed in Singapore, as IJM Perennial Development Sdn Bhd, the owner of Tumpuan Azam, is a 50:50 joint venture between the two.

At the end of the trading day today, IJM’s shares were at a static RM1.45, with 1.4 million shares traded. – Aug 11, 2020

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