KUALA LUMPUR (Feb 16): Yong Tai Bhd is taking up a 70% stake in land holding company Iconic Paragon Sdn Bhd for a proposed development on two leasehold plots with a cumulative size of 1.08-acre in Bukit Bintang, Kuala Lumpur.
The companies signed a Memorandum of Understanding (MoU) today, under which both parties will enter into discussions, and would see Yong Tai emerging as a strategic shareholder in Iconic Paragon and a partner in the proposed development in Bukit Bintang.
“Yong Tai is expected to benefit from the proposed development as the land is located in the prime area in Bukit Bintang, Kuala Lumpur.
“An announcement will be made in due course once we finalise the type of development to be carrying out on the piece of land,” said Yong Tai group chief executive officer Datuk Wira Boo Kuang Loon.
In March 2015, Iconic Paragon had entered into a Sale and Purchase Agreement with Datuk Bandar Kuala Lumpur to purchase the 1.08 acres — comprising two pieces of leasehold lands of 0.74 acres and 0.34 acres.
However, the purchase of the said land by Iconic Paragon from the Datuk Bandar has yet to be completed.