Inch Kenneth COO Hussain Ahmad Abdul Kader said the change was made to benefit both parties and was agreed upon a few hours before the signing of the sales and purchase agreement on Thursday, Dec 30.
"Some clauses were changed this morning," he said at a press conference. He said the changes were made to enhance the future value of the remaining 150-odd acres of land from 600-acre plantation, including a request for UEM Land to build new roads to the site.
Hussain said the company had previously sold land to I&P Group Sdn Bhd in 2007 for a development now known as Alam Sari, and it had also included a similar request to the developer to built proper roads there.
"UEM would continue where I&P left off, so that the place is accessible by Bangi or Semenyih," he added.
He also revealed that Inch Kenneth only decided to sell the land now as it did not have a benchmark on pricing on the land value previously.
"After I&P launched Alam Sari in 2007, we now know the pricing of property in the area. Link houses were priced between RM240,000 to RM260,000 back in 2007; now, it's selling for more than RM400,000," he said.
He added that the company had three other bids for the land from listed companies.
"For almost two years, we tried to find a buyer with a good offer. We try to get the best for our shareholders," Hussain said, adding that this one-off deal would generate a profit of RM100 million and that 50% of the proceeds would be used for oil palm plantation.
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