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Friday, May 23, 2008

Wijaya Baru plans to sell portion of land

WIJAYA Baru Global Bhd is in talks to sell up to 30 per cent of a 153.4ha leasehold land it recently bought in Pulau Indah, Klang.

The land, located adjacent to the Port Klang Free Zone (PKFZ), was purchased from Pulau Indah Marina Resort Sdn Bhd for RM130 million.

Wijaya Baru Global entered into the deal to acquire the land in March 2005, and full payment was settled in November 2007.

"We acquired a piece of land next to the PKFZ for mixed development involving some housing, commercial and leisure (components)," its deputy chief executive Faizal Abdullah said.

"There are people who are interested to buy large lots (within the area we bought). There are two parties - one in industrial and the other in trading," Faizal told Business Times in an interview.

"We are still negotiating (to sell) between 10 per cent and 30 per cent of the land," he said.

Faizal said Wijaya Baru Global has not yet decided whether or not to sell the land, or to which party, but if it does go through the price will be at a premium to what the company paid earlier.

Meanwhile, work on this mixed development job is expected to commence early next year.

"We have put things on the drawing board. We will be finalising these plans in the next three to four months and commence operations early next year," he added.

Wijaya Baru's associate Wijaya Baru Sdn Bhd is involved in the construction of the infrastructure and superstructure of PKFZ.

By New Straits Times (by Vasantha Ganesan)

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