MALAYSIA-PRESS-Berjaya Assets plans entertainment resort in southern Malaysia - The Edge
Reuters
December 13, 2013 10:49 PM
Berjaya Assets Bhd has big plans to transform its land in JohorBaru into a huge entertainment resort with a chain of high-endrestaurants and clubs possibly spiced up with slot machines, asource said.
The project, which could be built on at least 18 acres ormore near the Malaysia-Singapore causeway, is expected to stealsome business from the two casinos in Singapore where costs aremuch higher.
With a large middle to high-income population expected tosettled down in Iskandar Malaysia in the coming years, theproject's proximity to the area may well attract a steady flowof foreigners and locals.
The project needs the approval of state and some federalgovernment agencies, including the Ministry of Finance.
"The plan is not expected to face much resistance from thestate authorities. The issue could be the federal government,"an unidentified source said.
"Berjaya Assets may be looking to transform its Johorwaterfront property into a huge entertainment resort," thesource said.
Berjaya Assets Bhd (BAssets) yesterday disclosed that it had sold a 20% stake in Berjaya Times Square Sdn Bhd (BTSSB) to the Sultan of Johor at a discount of 37% to the net asset value (NAV) of the building as at Jun 30, 2013. BAssets announced last Tuesday that it was selling the stake in BTSSB to the Sultan of Johor for RM250m, incurring an exceptional loss of RM149.2m at the group level of the listed company. In response to clarification on the transaction, BAssets said the board gave the discount after taking into account that the 20% interest was a minority stake in an unlisted subsidiary of the company. (Financial Daily)
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datuk
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Posted by datuk > 2013-12-30 15:23 | Report Abuse
ho chiak !