IOI Properties ends joint-venture plan with Hong Kong developer

PETALING JAYA, March 14 — IOI Properties Group Bhd has terminated its memorandum of agreement for a proposed joint-venture with Hongkong Land International Holdings Ltd (HKLI) to develop a piece of land in Singapore.

The termination with HKLI was due to non-fulfilment of certain conditions nvolving a series of approvals with a March 12, 2018 deadline, The Star reported today.

IOI said in a Bursa Malaysia filing that the JV involved jointly owning and undertaking the proposed development and management of a land parcel in Singapore’s Central Boulevard.

The company added that the termination will not impact the development of the Central Boulevard site and will not have any material impact on its earnings per share and net assets per share.