Berjaya Assets looks to raise RM1bil for reclamation works in JB CONSTRUCTION
BAssets executive director Koh Huey Min said at an investors briefing that BAssets had obtained the rights to reclaim 55 acres of seabed for development, situated beside its existing development Berjaya Waterfront Sdn Bhd. Reclamation works are expected to begin in 2018 after the necessary approvals are obtained. BAssets owns entities such as Berjaya Times Square in Kuala Lumpur
(BAssets) is looking to raise close to RM1bil via the equity markets to fund reclamation works for its 55-acre piece of land in Johor Baru, although the timeline is still fluid.
BAssets executive director Koh Huey Min said at an investors briefing that BAssets had obtained the rights to reclaim 55 acres of seabed for development, situated beside its existing development Berjaya Waterfront Sdn Bhd.
Reclamation works are expected to begin in 2018 after the necessary approvals are obtained.
BAssets intends to establish a mixed development comprising hotels, high-end residential units and a hospital on this piece of reclaimed land.
Koh also said that BAssets is mulling the potential listing of Berjaya Waterfront in via a real estate investment trust (REIT).
BAssets has set a target to increase Berjaya Waterfront’s existing occupancy rate of 50% to 70% by the end of the year.
It is understood that BAssets would like Berjaya Waterfront to first achieve higher occupancy rates and yields before the Reit exercise is considered.