IOI Corp ... Apr10

IOI Corporation Bhd may write back the impairment loss made in the financial year ended June 30, 2009 (FY09) on a joint-venture property project in Singapore towards the end of the current financial year since the value of property has risen in the island state.

In FY09, IOI Corp provided for impairment loss of about RM258.6 million on the Pinnacle Collection project, which is located on Sentosa Island. IOI Properties (Singapore) Pte Ltd and its JV partner Ho Bee Investment Ltd successfully tendered for the Pinnacle Collection, a 5.3-acre parcel of land located in Sentosa Cove for S$1.1 billion (RM2.6 billion) in 2008.

Pinnacle Collection is a luxury condominium development with an estimated gross development value of S$2.5 billion. According to IOI Corp, it is the last piece of condominium development left on Sentosa Island, and is scheduled for launch next year.