BLand gets RM6.8bil project

Posted on | September 16, 2008

By THE STAR

Project’s infrastructure costs would be funded by the Libyan government

PETALING JAYA: Berjaya Land Bhd (BLand) has teamed up with Libya’s OYIA Company for Development and Tourism Investment to set up a joint-venture (JV) company for a proposed US$2bil (RM6.8bil) property project in Tripoli.

BLand said in a statement to Bursa Malaysia yesterday that the initial paid-up of the JV company would be RM27.5mil.

BLand’s unit Berjaya Leisure (Cayman) Ltd (BLCayman) would hold a 60% stake and invest RM16.5mil. OYIA, which would own the remaining 40%, would invest RM11mil. The land, which is owned by OYIA, would be leased to the JV for 99 years. The total land area to be developed had been revised from 345ha to 412.67ha.

The proposed project included an integrated golf resort with 18-hole golf course and a clubhouse; about 3,640 units of mid-rise apartments; 120 golf villas and other residential accommodations.

Included in the project would be a 300-room luxury hotel with service suites and luxury villas, 300-room business class hotel, convention centre, medical centre, two international schools, a shopping mall and other retail components.

BLand said the Libyan government would finance infrastructure costs including utilities and a highway interchange.

It said the preliminary gross development costs for the proposed project was about US$2bil while the gross development value would be based on the master plan. The completion period was seven to 10 years.

You might also like

BLand signs pact to develop golf resort in Libya By BERNAMAKUALA LUMPUR: Berjaya Land Bhd (BLand) has entered into a memorandum of agreement with Libya’s...

Berjaya Land in US$2b Libyan foray By BUSINESS TIMESThe golf resort cum residential and commercial project in Tripoli will be modelled after...

BLand seals deal with Libyan parties By BUSINESS TIMESBERJAYA Land Bhd has sealed an initial pact with two Libyan parties to jointly develop...

BLand-S. Korean JV to build US$2.6bil resort By THE STARPETALING JAYA: Berjaya Land Bhd (BLand) is teaming up with South Korea’s Jeju Free International...