IOI Properties
IOI Properties has one project on this site: Wave Serviced Apartment at Marina Cove, Johor Bahru, whose strata name is Pangsapuri Tepian Bayu. It is freehold serviced apartment stock on strata title, completed and described by IOI as ready to move in, with nine layouts from 526 to 1,344 sq ft running from 1+1 to 3+1 bedrooms, eight units per floor, and 32 facilities on a Level 7 podium of more than two acres. IOI's published entry price, checked on 4 August 2026, is from RM395,900 – which sits far below Johor's RM1,000,000 floor for non-citizens, so foreign eligibility has to be checked unit by unit.
The company named on IOI's own contact panel for Marina Cove is Adawan Development Sdn Bhd, registration 197801000714 (37729-T), a company incorporated in 1978 – that is the entity behind the development. IOI Properties Group Berhad (201301005964 / 1035807-A) lists Marina Cove under Managed Development rather than under its own for-sale portfolio. In practice IOI runs the galleria, the sales team, the marketing and the building services line, and publishes staffed numbers for sales and marketing, sales administration and building services – a developer still staffing a building services line for a completed project nine years on is a better signal than a brochure. The buildings are finished, which removes the risks that matter most on an off-plan purchase: there is no construction risk left to underwrite, no liquidated-damages clock running and no possibility of an abandoned site. You can walk the podium, ride the lifts, read the management accounts and speak to residents before committing.
Disclosure. No financial or licensing irregularity has been found against IOI Properties Group or Adawan Development on this site. What is recorded is an entity question and a publication gap. Listing portals variously credit this project to IOI Properties Group Berhad and to Adawan Development Sdn Bhd; both names appear on IOI's own website, in different roles, and this site does not resolve which one a given contract will name. The practical consequence is that the corporate balance sheet you might assume you are relying on is not automatically IOI's – so read the vendor name on the sale and purchase agreement before you sign. Separately, IOI publishes no tower count, no total unit count and no maintenance fee for this development, so none of those figures appears here as fact.
Ask for the vendor entity name on the sale and purchase agreement and check it against the companies register. If you are buying a developer-held unit, ask for the advertising and sale permit or confirmation that the scheme is complete and out of permit, and check it on KPKT's TEDUH portal. On a completed strata building the more useful documents are the management corporation's audited accounts, the sinking fund balance, the current service charge and the arrears position – get all four before you offer, and price against transacted data rather than asking prices. – Louis Koh, 11 years in Malaysian property.
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