Sarawak Economic Development Corp buys Aussie cattle property for A$20m: Report

KUALA LUMPUR (May 22): A report by Australian broadcaster ABC News revealed that Sarawak Economic Development Corp-owned Rosewood Station recently bought “a cattle property on the floodplains east of Darwin” for A$20 million (RM57.6 million).

Called Carmor Plains, the 41,500ha property is known for its hunting and wildlife.

The report also said that SEDC “has been involved in the Northern Territory “cattle industry since 1982 when it bought Rosewood Station on the NT/Western Australia border”.

ABC Rural reported that SEDC plans to use the property “to fatten their Rosewood Station cattle before export” and “intend to harvest some of the 2,500 buffalo included in the sale for export”.

The A$20 million price paid by SEDC for Carmor Plains “has been met with surprise by some in the Top End (another name for the Northern Territory) cattle industry”, stated the ABC News report.

Carmor Plains was also sold in 2001 for a much lower price of just A$2.8 million

“An industry figure” said “it would be difficult for SEDC to make a profit from such a large sum paid for a relatively small piece of land”, reported the Aussie broadcaster.