Perennial, IJM plan 'iconic' Penang project

Singapore

PERENNIAL Real Estate Holdings is making its foray into the Malaysian property market by partnering IJM Land Bhd for an over RM3 billion (S$1.12 billion) project in Penang.

The two companies on Tuesday said they had agreed to invest in a 50-50 joint venture (JV) to acquire and develop a 1.4-million-square-foot freehold waterfront site into a large-scale integrated mixed-use development in the Gelugor town on Penang's east coast.

The JV will acquire the site from Jeluto…