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Monday, August 31, 2009

S. Korean interest in Selangor Science Park

A South Korean property firm may invest RM1.5 billion to build hotels and a theme park in Selangor Science Park 2 (SSP2), an integrated development in Cyberjaya.

A source said the developer had expressed interest to buy land from the Selangor State Development Corp (PKNS).

"The investors met PKNS officials two weeks ago for a discussion. They have seen the layout and concept of SSP2 and like it," the source told Business Times.

The source said the developer also wants to build resort-style homes and plans to market the properties in Asia-Pacific, Europe and the US.

If the deal materialises, it will be the fourth for PKNS this year.

On August 21, PKNS signed agreements with property developer Metro Kajang Holdings Bhd, investment group Andaman Group and Q-Cells, a Germany-based solar cell manufacturer, to develop land at SSP2.

They plan to collectively invest RM6 billion in SSP2.

PKNS general manager Othman Omar had said that more investments were expected to come from Singapore, South Korea and Indonesia, and that there were enquiries about SSP2 from the rest of Asia-Pacific.

The 400ha project was launched in 2007, with more than RM600 million spent on infrastructure.

The development plan shows that there will be 108 semi-detached factories and industrial lots as well as 261 shop lots, shop-offices and commercial lots.

It will also feature 9,289 units of workers' quarters, low- and medium-cost apartments, serviced apartments, condominiums, double-storey link houses, semi-detached homes and bungalows, covering 12 per cent of the total development area.

The remaining 38 per cent is for recreation and sports facilities, parks and green area.

SSP2 is projected to create 20,000 jobs and spur Selangor's economy.

By Business Times (by Sharen Kaur)

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