KUALA LUMPUR (Nov 23): Boh Plantations Sdn Bhd “is looking to divest” 651 acres of its plantation in Southern Klang Valley, Selangor, according to a report by The Edge Malaysia. The company is the grower of the world famous Boh Tea.
The land “forms half” of Boh Plantations’ estate in Kuala Langat located near Bandar Saujana Putra.
Another three big township projects nearby are Gamuda Cove by Gamuda Land Bhd, Bandar Rimbayu by IJM Land Bhd and Eco Sanctuary by Eco World Development Group Bhd.
It was also reported that CBRE | WTW has been appointed as the exclusive marketing agent to seek expressions of interest or an EOI. The closing date for the tea grower’s EOI is Dec 5.
CBRE | WTW managing director Foo Gee Jen told the weekly that the land “is undulating with few high spots, similar to Kajang Country Heights or Kenny Hill”.
He also added that some portions [of the land] are “interplanted” with oil palm.
Foo also revealed that the tract is made up “three agricultural lots that have been zoned for housing”.
“This is the right time [for Boh] to sell as all the corridors surrounding this parcel are developed or being developed,” said Foo.
He also added that “the vendor” wants to sell the land rather than to jointly develop it with a property developer.
A real estate agent told the business publication that the 651 acres “could likely fetch RM30 to RM35 psf, or a total of RM850 million to RM992 million”.
Another source “pegs” the price “of land with infrastructure in the area” at above RM30 psf.
A property valuer, however, has a “more conservative figure of RM10 to RM12 psf after analysing recent sales data” (a total value of RM283 million to RM340 million).
Boh Tea is a household name in Malaysia and many parts of the globe. Boh Plantations was formed in 1929 by J. A. Russell, who partnered A B Milne, a tea planter from Sri Lanka. They managed to get a land concession in Cameron Highlands to set up a tea plantation.
Today, JA Russell & Company Sdn Bhd and Permodalan Nasional Bhd own 96.6% of the company, while 3.4% is held by shareholders which include the Russell family.
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