Malaysian law firm Shearn Delamore & Co has advised Ikano, a developer and manager of mixed-use real estate and shopping centres, on a development rights agreement for a landmark MYR600 million (USD148 million) project in Johor Bahru.
The agreement will cover the development of residential towers integrated with the existing Toppen Shopping Centre and IKEA Tebrau.
The firm advised on structuring and negotiating the development framework, balancing the parties’ commercial objectives and facilitating the long-term integration of residential, retail and lifestyle components within a landmark development precinct.
Partner Eunice Low, who is based in Shearn Delamore & Co’s Johor Bahru office, led the deal team.
The proposed development, known as Habitation Plus+, will comprise two residential towers with around 1,230 units and an estimated gross development value of MYR600 million (USD148 million).