By TMR / Pic by HUSSEIN SHAHARUDDIN

Country View Bhd’s wholly owned subsidiary, Country View Resources Sdn Bhd, has accepted a syndicated banking facilities of up to RM232 million from RHB Islamic Bank Bhd and MBSB Bank Bhd to part finance a proposed development in Iskandar Puteri, Johor.

The project will consist of a piece of land measuring 164 acres (66.4ha), 463 units of double-storey resort link villas and 182 units of three-storey semi-detached shops.

In an exchange filing last week, Country View noted the banking facilities included Commodity Murabahah Term Financing-i 1 (CMTF1) with a proposed amount of RM217 million and CMTF2 for RM15 million.

The CMTF1 banking facility shall be utilised by Country View to part finance the purchase of the 164-acre vacant land based on a Margin of Advance (MoA) of 70% against the selling and purchase agreement price of RM310 million.

The CMTF2 shall be utilised to part finance/reimburse the preliminary expenses including earthworks, main access work and sewerage treatment plant, based on an MoA of 43%, which amounts to RM34.9 million.