IGB Group Bhd’s Tan & Tan Developments Bhd is teaming up with Mitsubishi Jisho Residence (MJR) to build a block of 41-storey serviced apartment of 400 units along Jalan Stonor with a gross development value of RM617 million. Both parties would subscribe in the shares of a JV company to Cipta Klasik (M) Sdn Bhd, which would jointly undertake the development of the 1.48 acres of freehold land for the serviced apartments. 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. Tan & Tan now has two upcoming projects in Stonor vicinity plus another one at Lorong Damai, nearer to Jalan Ampang.

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