City & Country: Briefs

Dijaya aborts Mongolia property venture
Dijaya Corp Bhd has aborted a plan to acquire the remaining 75% of Mongolian property development holding company Transglobal Ltd (TGL). It is also selling the 25% stake it already owned.

Dijaya said on June 7 that it and vendor Winmark Holdings Ltd had agreed to terminate their sale and purchase of share agreement dated April 7, 2010, for the 75% stake for US$35,000 (RM116,900) due to “non-satisfaction with the results of the financial due diligence conducted on TGL”.

Simultaneously, Dijaya entered into another agreement with Winmark to dispose of a 25% stake in TGL to the latter for US$12,500 cash.

TGL was to undertake the development of an 8.03-acre tract in Bayanzurkh District, Ulaanbaatar, Mongolia, for US$174 million worth of apartments, shop units and luxury apartments.

Syrian firm seeks Malaysian expertise for Kazakhstan tourism project
The Syrian International Business Centre (SIBC) Group is scouting for Malaysian companies to jointly develop a US$5.6 billion (RM18.7 billion) tourism project – Kinderli Beach Development – on the Caspian Sea in Kazakhstan.

“The project is located at Kinderli Bay in the southwest of Kazakhstan’s Mangistau province near the Turkmenistan border,” executive chairman Dr Eng Bashar S S  Al-Atassi said.

“We’ve already signed the project agreement with the Kazakhstan government and we are inviting Malaysian companies to join us,” he said. The development covers the 1,700ha resort area and another 350ha to build a new airport 20km east of Kinderli Resort.

Prinsiptek to launch three projects
Construction firm Prinsiptek Corp Bhd aims to increase revenue contribution from property development to 20% this year, with three project launches in the Klang Valley worth RM220 million.

Group managing director Datuk Foo Chu Jong said the launches are 2½-storey houses in Seksyen 7, Shah Alam, with a GDV of RM20 million, a RM50 million gated residential project in Bangi and the RM150 million Vue Residences, located near the Tamansari regeneration project, where the Pekeliling flats once stood.

This article appeared in City & Country, the property pullout of The Edge Malaysia, Issue 810, June 14-20, 2010

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