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Seacera plans RM10 bil property project

BATU CAVES (Aug 17): Seacera Group Bhd plans to develop some RM10 billion worth of properties within its 200.6ha (501.5 acre) land in Semenyih, Selangor, under the group's proposed diversification from tile manufacturing.

Seacera group managing director Zulkarnin Ariffin said the company planned to work with a prominent property developer to undertake a mixed project on the tract located about 8km from the Semenyih and Kajang town centres.

"We plan to work with a big property developer" Zulkarnin told reporters after Seacera's extraordinary general meeting (EGM) in Batu Caves.

At the EGM, Seacera shareholders had approved the company's proposed acquisition of the Duta Nilai Holdings Sdn Bhd for RM165.1 million.

Duta Nilai owns about 250.24 acres of land, which forms part of the 501.5 acre tract.

During the press conference, Zulkarnin said Seacera would announce development plans for the land in the next six months. The project is expected to last for 10 to 15 years, according to him. — theedgemarkets.com

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