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Tuesday, December 13, 2011

PLB Land to buy land in Penang

KUALA LUMPUR: PLB Engineering Bhd’s unit, PLB Land Sdn Bhd, has agreed to buy two plots of land in Ayer Itam, Penang, from individual vendors for RM6.5 milion last Friday.

The plots, measuring 4,563 sq m and 5,178 sq m respectively, will be used for future development, the company said in a filing to Bursa Malaysia yesterday.

By Business Times

I-Berhad inks pact with Everbright Intl

I-Berhad today entered into a strategic alliance with China-based, Everbright International China, to co-develop 12.14 hectares (30 acres) of land in i-City via a joint venture.

Everbright will have a 70 per cent shareholding in the venture. I-Berhad, in a statement here today, said it would hold the balance 30 per cent stake.

Apart from financing the construction, Everbright will also lead a consortium of Chinese companies to set up operations in i-City, Shah Alam.

The development will be undertaken in two phases involving 5.66 hectares (14 acres) for the initial phase and the balance 6.47 hectares (16 acres) in the
subsequent phase.

The first phase of the development is for a commercial hub with a gross development value of RM1.5 billion comprising a 92,903 sq m (one million sq ft) shopping mall and 185,206 sq m (two million sq ft) of mixed residential, MSC offices and educational institute. Work on the project is expected to begin by mid-2012.

By Bernama

Seri Alam in JV with S’pore company to build international school in Iskandar

PETALING JAYA: United Malayan Land Bhd's (UM Land) fully-owned subsidiary, Seri Alam Properties Sdn Bhd, has formed a joint-venture company with Singaporean educational management company Raffles Campus Pte Ltd called Raffles Campus (Seri Alam) Sdn Bhd (RCSA) to develop an international school in Bandar Seri Alam, within Iskandar Malaysia in Johor.

The campus will spread over 20 acres next to the Universiti Teknologi Mara campus in Bandar Seri Alam.

Seri Alam Properties entered into a sales and purchase agreement on Sunday with RCSA for the proposed acquisition of a freehold land measuring 19.71 acres for RM10.83mil.

At least 230,000 sq ft will be allocated for the built-up area, excluding staff residences and students' hostel.

The school, Excelsior International School, will feature state-of-the-art facilities catering to up to 2,000 students.

An international curriculum will be offered for children from kindergarten up to high school. A management team from Raffles Campus will manage the school.

The design of the campus has been completed. Construction will begin in January 2012 and is expected to be completed in June 2013.

Raffles Campus is a wholly-owned subsidiary of Strategic Technology for Education and Academic Management Pte Ltd, which is 70% owned by Strategic Foundation Ltd (a non-profit organisation). The school will be its first in Malaysia and will commence admission assessments and enrolments in early 2013.

From this project, RCSA hopes to add prestige to the Bandar Seri Alam township and enhance capital values by providing quality and wholesome living for its residents.

UM Land's share trading was halted from 9am to 10am yesterday in view of the company's announcement.

In a statement, Raffles Campus chairman and chief executive officer Ng Boon Yew said: “The school will take into consideration local requirements and, although the medium of instruction will be in English, all the students will be encouraged to learn their mother-tongue as either first or second language.”

By The Star