Tan & Tan Signs Joint Venture Agreement To Develop Land In KLCC Kuala Lumpur With MJR Investment Pte Ltd

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Tan & Tan Developments Berhad (“Tan & Tan”) signed a joint venture agreement (“agreement”) with MJR Investment Pte Ltd (“MJRI”), a company formed by Mitsubishi Jisho Residence (“MJR”), today, which will allow the parties to co-operate and collaborate to jointly develop a piece of land in KLCC, Kuala Lumpur. The agreement was signed by Tan Boon Lee, Chief Executive Officer of Tan & Tan, Teh Boon Ghee, Executive Director of Tan & Tan, Katsuaki Mori, Senior Executive Office of MJR, and Shojiro Kojima, Managing Director of Mitsubishi Estate Asia.

The agreement sees the company’s enter into a joint venture through an equity participation in Cipta Klasik (M) Sdn Bhd (“the Company”), a single purpose vehicle set up for the purposes of this development, with Tan & Tan owning a 70% stake in the Company and MJRI owning the remaining 30%. The planned development has a Gross Development Value of RM617m.

As part of the agreement, Tan & Tan has also been appointed as the project manager, marketing consultant, and sales administration manager in relation to this project and will leverage its vast experience in property development and knowledge of the Malaysian property landscape to see through to completion its development.


Tan Boon Lee, CEO of Tan & Tan, said “We are extremely excited to be working with Mitsubishi Jisho Residence through our agreement with MJRI, and hope that this marks the start of a long and fruitful relationship. As part of the Mitsubishi Estate Group, the company brings with it tremendous experience and we look forward to working with them as their local partner here in Malaysia.”

The agreement also marks a significant step for the Mitsubishi Estate Group as it is the company’s first foray into Malaysia as part of its longer term plan to accelerate its growth in Asia’s fast growing markets through strengthening its international business network and jointly developing projects with local partners.

Katsuaki Mori, Senior Executive Officer of Mitsubishi Jisho Residence, said “We believe that Tan & Tan share the same values and commitment to quality as us. Coupled with their immense experience in the Malaysian market, we believe they are a terrific local partner here in Malaysia as we strive to expand our footprint and accelerate our growth in the region. We hope to further strengthen this relationship going forward and look forward to working with them.”

Tan & Tan and MJRI will be developing a 41 storey upscale residential property comprising 400 units of serviced apartments which will include such facilities as swimming pools, a gymnasium, function rooms, and lavishly landscaped recreational spaces. Located in close proximity to Kuala Lumpur’s central business district and in the highly sought after KLCC area, the project, called Stonor 3, will be located along Lorong Stonor and easily accessible via public transportation such as the Ampang Park LRT.

Tan & Tan Developments Berhad is a wholly-owned subsidiary of IGB Corporation Berhad, a Malaysian company listed on the main board of Bursa Malaysia. Established in 1971, it is a diversified developer with a distinguished track record in the development of residential and commercial buildings.

Today, Tan & Tan Developments Berhad continues to be driven by a commitment and passion for developing properties that boast architectural excellence, quality construction, and deliver long term value for its customers.

Mitsubishi Jisho Residence Co., Ltd is a leading supplier of condominiums in Japan. The company was founded in January 2011 to further reinforce the residential segment of the Mitsubishi Estate Group. It has been developing condominiums predominantly in the Tokyo metropolitan area, as well as in Sapporo, Sendai, Nagoya, Osaka, Hiroshima, and Fukuoka.

The company’s mission is not only to stably supply high quality condominiums, but also to consistently pursue ideal living environments, listen to feedback from customers, and provide high quality housing for the future.