IWC chairman Datuk Ayub Mion said the company’s waterfront developments in Johor “are progressing well”.

PETALING JAYA: Property developer Iskandar Waterfront City Bhd (IWC) said that the prospects for the company remained positive despite the challenging economic backdrop.

The company said in a stock exchange filing following the AGM that all nine resolutions tabled at the meeting were passed by shareholders.

IWC chairman Datuk Ayub Mion said the company’s waterfront developments in Johor “are progressing well”.

He added that a prime example would be the joint venture with Greenland Holdings Group Ltd to develop 128 acres of prime waterfront land in Johor fronting Singapore.

“The sales gallery was launched end-2016 and the first retail units will be launched soon,” he added.

The company proposed earlier this month to merge with its holding company Iskandar Waterfront Holdings Sdn Bhd (IWH). Depending on shareholder approval and all other regulatory approvals, IWH will assume the listing status of IWC and consolidate all the land banks under both companies.

The merger would also establish one of the largest listed strategic master property developers on Bursa Malaysia.

Earlier this month, TRX City Sdn Bhd announced that the share sale agreement between itself, IWH and Beijing-based China Railway Group Ltd’s Malaysian subsidiary China Railway Engineering Corp (M) Sdn Bhd (CREC) had lapsed.

IWH and CREC had partnered to buy a 60% stake in the 486-acre Bandar Malaysia project for RM7.41bil.

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