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Tuesday, September 16, 2008

Berjaya Land in US$2b Libyan foray

PROPERTY developer Berjaya Land Bhd (BLand) and Libya's Oyia Co for Development and Tourism Investment will jointly develop an integrated golf resort cum residential and commercial project in Tripoli, Libya at a cost of US$2 billion (RM6.8 billion).

The gross development value is still pending the finalisation of the master plan.

In a statement issued yesterday, BLand said its wholly-owned subsidiary, Berjaya Leisure (Cayman) Ltd (BCayman), yesterday entered into a joint venture with Oyia for the development of the project on three parcels of land measuring 412.67ha in Tripoli, Libya.

The signing ceremony was witnessed by Libyan Prime Minister Dr Bagdadi Al-Mahmoodi.

A joint venture company called Berjaya Oyia Development Ltd will be established to undertake the development of the project with an initial share capital of 10 million Libyan dinar (RM27.5 million).

BCayman will have a 60 per cent stake in the joint venture and Oyia will hold the remaining 40 per cent.

BLand said the project will comprise high-end residential and commercial development including 3,640 units of mid-rise apartments, 120 golf villas, 300-room luxury hotel with serviced residences and luxury villas and another 300-room business class hotel.

It will also feature a commercial facility with a shopping mall, a medical centre, two international schools and a 145ha public park.

Anchoring the project will be an 18-hole signature golf course and clubhouse, which will be designed by a world renowned golf course architect.

The project will be developed in phases over a period of seven to 10 years and the Libyan government has agreed to bear the infrastructure costs such as gas, electricity and water supply, telecommunications, sewerage and a highway interchange to facilitate access to the project site.

"The project will be modelled after world-renowned parks such as Hyde Park and Regents Park in London and Central Park in New York," said Tan Sri Vincent Tan, chairman and chief executive officer of Berjaya Corp Bhd, the holding company of BLand.

"The expected surge of foreign investments in Libya will create a demand for quality properties and services. This augurs well for Berjaya as well as the project. Berjaya, with its vast experience and expertise in property development, is committed in ensuring the success of the project," he added.

By New Straits Times

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