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Thursday, January 22, 2009

MK Land to use proceeds from land sale for devt projects

KUALA LUMPUR: MK Land Bhd plans to use the proceeds from the disposal of 9.2ha of land in Sungai Buloh, Selangor for development projects.

In reply to a query from Bursa Malaysia Securities on Thursday, MK Land said the market value of the land was RM157.8mil while the forced sale value was RM118.35mil.

The land was acquired by Ketara Megah Development Sdn Bhd, a company related to Tan Sri Mustapha Kamal Abu Bakar for RM157.8mil He is also chairman and chief executive officer of MK Land.

Ketara Megah acquired the two parcels of leasehold land in an open tender exercise after they were forced sold by PPC International Sdn Bhd.

MK Land said an open tender was carried out by Henry Butcher Real Estate Sdn Bhd from Sept 9 to Oct 20 last year. As there was no bid received, a second open tender was carried out from Dec 1 to 15.

The proceeds are intended to be used as working capital for the various development projects being undertaken by the Group. These development projects in a few localities such as Damansara Perdana, Damansara Damai, Bukit Merah Laketown and Ipoh.

By The Star

1 comment:

Unknown said...

MK Land said an open tender was carried out by Henry Butcher Real Estate Sdn Bhd from Sept 9 to Oct 20 last year. As there was no bid received, a second open tender was carried out from Dec 1 to 15.The proceeds are intended to be used as working capital for the various development projects being undertaken by the Group..Condominiums Torontofor getting more infomn