Pine Properties Sdn Bhd and MJR Investment Pte Ltd Signs Agreement

Diane Foo Eu Lynn27 Jan 2017


Pine Properties Sdn Bhd (“PPSB”), a 99.8%-owned subsidiary of IOI Properties Group Berhad (“IOIPG”) a leading public-listed property developer in Malaysia, signed a shareholders’ agreement with MJR Investment Pte Ltd (“MJRI”) yesterday at Le Meridien Putrajaya.

The signing of the shareholders’ agreement marks a significant milestone towards participation in developing a freehold land measuring approximately 9.6 acres in IOI Resort City, Putrajaya into 676 units of condominium.

IOI Resort City is an integrated development crafted by IOIPG which comprises Puteri Palma Condo, GBI-certified IOI City Towers, world class hotels ie Putrajaya Marriott and Le Méridien Putrajaya; the biggest mall in Southern Klang Valley namely IOI City Mall; and an 18-hole championship golf course, Palm Garden Golf Club.

Following the signing of this shareholders’ agreement, PPSB will be disposing 45% of its existing equity stake in PINE MJR Development Sdn Bhd (“PINE MJR”) to MJRI.

The parties will subsequently upon obtaining the relevant approvals increase PINE MJR’s paid-up capital through the subscription of ordinary shares and redeemable non-cumulative preference shares (“RPS”).

For more information, visit


You may also like these articles

Property Nightmare Stories #1: Amanda and her MIA Tenant

 Property investment is the hype but property nightmares are often shoved under the carpets. In this series of Property Nightmare Stories, PropertyGuru gets down on the ground to find out firsthand w

Continue Reading27 Jan 2017

Bangsar to Remain as a Premium Address

  Bangsar, the earliest housing estate established in Kuala Lumpur, is expected to remain as a sought-after residential location in Klang Valley among locals and foreigners thanks to its proxi

Continue Reading13 Jan 2017

Top New Developments of Petaling Jaya

 Petaling Jaya has always been a property hotspot since it first became a satellite city. Land is however scarce in this neighbourhood, especially within the prime locations. New developments of

Continue Reading20 Jan 2017

The Joys and Maladies of Property Buying

  Buying a property is usually the biggest decision anyone’s life, not only because of the implications that come with it; being grown up, mature and responsible; but also because of the amo

Continue Reading26 Jan 2017