Resort Villa enters into conditional exchange of land agreement with Mayang Development

KUALA LUMPUR: IOI Corporation Bhd's wholly-owned subsidiary Resort Villa Golf Course Bhd has entered into a conditional exchange of land agreement with Mayang Development Sdn Bhd.

In a filing to Bursa Malaysia on Wednesday, Jan 12, it said the freehold land located in Pekan Bukit Bisa,Sepang, Selangor will be exchanged for Mayang's own freehold land in Dengkil.

"IOI has embarked on a redevelopment of a portion of the golf course land owned by Resort Villa, into a shopping complex, as part of its IOI Resort City development," the company said.

"Pursuant to the redevelopment of the land, Resort Villa has identified an adjacent piece of land belonging to Mayang Development, to replace the portion of the golf course that has been earmarked for commercial development," it added.

Resort Villa which had earlier entered into negotiations with Mayang Development for a long term lease of the property, is now proposing to exchange, an equivalent piece of its land with that belonging to Mayang Development.

"The proposed leaseback of Resort Villa land from Mayang Development will ensure the continuity of the Resort Villa golf course operations until the new golf course is completed and fully operational," it said. — Bernama