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Wednesday, January 18, 2012

UDA seeks investors for proposed complex

JOHOR BARU: UDA Holdings Bhd is looking for investors to undertake a joint-venture project to develop the Angsana II commercial complex.

Chairman Datuk Nur Jazlan Mohamed said the complex, adjacent to its existing Plaza Angsana shopping complex in Jalan Tampoi, would cost between RM200mil and RM250mil.

“We are open to any proposal from interested parties regardless of whether they are local or foreign investors,'' he said yesterday.

Nur Jazlan: ‘We need to start changing our mindset.’

The proposed Angsana II commercial project would be the first shopping complex in Johor Baru to incorporate a street-mall concept, Nur Jazlan told reporters after attending the corporate social responsibility programme at the home for the handicapped in Taman Sinar Harapan Tampoi, in conjunction with the company's 40th anniversary.

He said the company would not limit itself to working only with a domestic partner or investor in the project and was more than willing to work with a foreign investor.

Nur Jazlan said that certain parties including politicians should not politicise the decision made by the company to cooperate with foreign partners in its property development projects.

He said as a government-linked company (GLC), UDA's duty was to ensure that it was able to bring benefits to all Malaysians and not to a certain race only.

“We need to start changing our mindset. The country will not be able to move forward if we continue to use race-centric issues in business activities,'' added Nur Jazlan.

The company hoped to start Angsana II project this year if it was able to find a right partner for the project and “did not want to miss the boat again,” he said.

Nur Jazlan was referring to the directive made by the Finance Ministry (MoF) to UDA to review its decision on a proposed joint-venture project with China's GLC Everbright International Construction Engineering Corp.

He said a steering committee had already started reviewing the proposal made by the MoF to develop the former Pudu Jail site, better known as the Bukit Bintang City Centre.

“The committee will see whether the MoF's proposal is viable compared with the model proposed by Everbright and it (the study) will probably take months,'' said Nur Jazlan.

On an unrelated matter, he said UDA would spent RM15mil this year to renovate its 15-year-old Plaza Angsana shopping complex, including upgrading its faade and food court.

By The Star

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