23 Apr 2013 - By Anita Gabriel, In Kuala Lumpur
SOUTH-EAST Asia's richest man Robert
Kuok, with Malaysian sovereign wealth fund Khazanah Nasional, has bought land
in Johor's Iskandar Malaysia for a mixed development project.
Mr Kuok's latest move to buy and
develop two parcels of land in Nusajaya, Iskandar, for RM182 million (S$74
million) comes less than two weeks before the May 5 election.
Nusajaya is a state seat under
Gelang Patah, where the contest between outgoing Johor Menteri Besar Abdul
Ghani Othman and opposition veteran Lim Kit Siang is being regarded as a battle
for both the state and Malaysia.
The timing of Mr Kuok's investment
could be telling in terms of whom he may be supporting.
Many Malaysian tycoons and businessmen
prefer to wait and see, given election jitters. But not Johor Baru-born Mr
Kuok.
His flagship Kuok Brothers Group and
Khazanah have set up a 70:30 joint venture company, Southern Marina
Development, to buy 5ha of land in Puteri Harbour, Nusajaya - the epicentre of
Iskandar Malaysia - from UEM Land.
"The project by Southern Marina
will comprise high-rise residential and retail/commercial units at the
waterfront location with views of the marina and Strait of Johor," said
UEM Land and Southern Marina in a joint statement.
The development will have a gross
floor area of over two million sq ft, and an estimated gross development value
exceeding RM1 billion.
The 90-year-old Mr Kuok, who lives
in Hong Kong, controls the world's largest palm oil firm Wilmar, which is
listed on the Singapore Exchange. He also owns luxury hotel chain Shangri-La.
The latest move is a shift from his
previous manoeuvrings to cut his exposure in Malaysia and expand abroad.
Get Paid To Read Emails. Free To Join Now!
http://www.emailcashpro.com
No comments:
Post a Comment