KUALA LUMPUR, Jan 20 (Bernama) -- IRIS Corp Bhd today announced that it has placed an initial investment of RM130 million to participate in the development of a piece of land in Technology Park Malaysia (TPM) Bukit Jalil.

The company entered into a teaming agreement with TPM Corp Sdn Bhd to form a strategic collaboration to develop, construct and manage a proposed residential development project on the land through an entity to be agreed (the SPV).

In a statement to Bursa Malaysia, IRIS Corp said it proposed to invest the initial investment for the implementation of the first phase of the project.

By entering into the agreement, the group would be expanding its business by constructing residential accommodations -- including but not limited to town houses and hostels -- and high rise apartments using the IRIS-KOTO Industrial Building System.

It is for the benefit of students studying in existing and proposed to be established universities and/or colleges and employees of tenant companies situated in the premises of TPM, it said.

The project would further synergise the efforts of the company and TPM in creating a holistic technology educational hub proposed to be established in TPM Bukit Jalil.

The proposed project would be financed through internally-generated funds and bank borrowings, it said.

Source: http://www.bernama.com/bernama/v7/bu/newsbusiness.php?id=1102334