Mah Sing ...Nov09

The proposed development of the Icon@Mont Kiara project, which would have been undertaken by its unit, has been terminated following the non-fulfillment of conditions with the purchaser Prompt Symphony Sdn Bhd.

Its unit Maxim Heights Sdn Bhd had received written notice from Prompt Symphony about "non-fulfillment of the conditions precedent within the relevant timeframes" under the tripartite sale and purchase agreement and put and call option.

To recap, Maxim Heights had entered into the agreement with the landowner, Majlis Agama Islam Wilayah Persekutuan (MAIWP) and Prompt Symphony for the en bloc sale of a commercial building known as The Icon@Mont Kiara to Prompt Symphony for total cash consideration of RM285.38 million.

The proposed en bloc sale was conditional upon the fulfillment of the several conditions including Maxim Heights securing the development order from the authorities for the development of The Icon@Mont Kiara.