More:http://www.thestar.com.my/Business/Business-News/2014/05/10/Felda-to-redevelop-prime-land-in-KL/Felda to re-develop prime land in KL
10 May 2014
As Felda Investment Corp Sdn Bhd (FIC) solidifies its move into property development by taking control of Encorp Bhd, the group has earmarked three parcels of land to be developed including a 22-acre parcel in Kuala Lumpur.
The land currently houses the Balai Felda, Wisma Felda, Anjung Felda buildings and a handful of other surrounding buildings the Federal Land Development Authority (Felda) owns and has been using for about 45 years.
FIC CEO Mohd Zaid Abdul Jalil said Felda intends to redevelop the site, which is outlined by Jalan Semarak, Jalan Maktab and Jalan Gurney in Kuala Lumpur.“We are still in the preliminary planning stage. We have yet to come up with the overall concept and design for the redevelopment,” he tells StarBizWeek. He says this would be a commercial development but the components have not been decided on.
Apart from the land in Kuala Lumpur, two other sites include 600 acres in Bukit Katil, Malacca and 2,000 acres in Pengerang, Johor.
“Again, we are still conducting our studies on the land and evaluating our options. These areas are primed for growth,” he says, noting that Malacca’s property development has been gaining momentum from its gradual urbanisation while Pengerang has the Refinery and Petrochemicals Integrated Development, or Rapid, factor.
However, Zaid denies that the land parcels would be injected into Encorp but do not discount the possibility of the company being roped in to help develop the parcels.
“Yes, we may consider bringing Encorp in just as a developer to develop Felda’s assets, if that gives the best returns to the Felda shareholders,” Zaid says, “We are considering all options from the financial and taxation point of views. We have to take into account how to declare dividends under the different structures.”