1MDB seeks Pulau Indah land buyers

KUALA LUMPUR (Sept 21): State-owned 1Malaysia Development Bhd (1MDB) has launched a tender exercise for its 127ha (318 acre) land in Pulau Indah, Selangor.

In a statement today, 1MDB said potential purchasers were invited to register their interest with Savills (M) Sdn Bhd, which is advising 1MDB on the exercise.

“The 1MDB land parcel in Pulau Indah, Mukim Klang, Selangor is on a single-large development site, measuring approximately 318 acres. It is adjacent to the Port Klang Free Zone (PKFZ) and other industrial developments," 1MDB said.

The proposed land sale forms a part of 1MDB's rationalisation plan, which was presented to the Malaysian Cabinet on May 29 this year.

Today, 1MDB said: “1MDB is pleased to update that the overall plan is proceeding smoothly, with shortlisted bidders currently conducting detailed due diligence on Edra Energy (Edra Global Energy Bhd) and Bandar Malaysia respectively."

1MDB had earlier purchased the Pulau Indah land from Tadmax Resources Bhd at a revised price of RM294.38 million.

According to Tadmax's announcement to the exchange in December 2014, the price was revised from the original RM317.33 million.

1MDB had acquired the leasehold tract via its wholly-owned subsidiary, Ivory Merge Sdn Bhd.