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We provide up to-date news and information for all of you. All our information is useful for you to enrich your knowledge. Please visit us every day ! | Breaking News ::
Johor Land still keen on selling farm land | PROPERTY developer Johor Land Bhd is still keen on selling its 152.6ha agricultural land in the Kota Tinggi district of Johor despite its first sale attempt falling through.
“We are open to (selling)... there are always prospective buyers and if someone offers a good price, we will sell it,” according to a company source.
Johor Land, a subsidiary of Johor Corp Bhd (JCorp), was to have sold the agricultural land for some RM49 million to a company called Insan Prestij Sdn Bhd.
The deal was aborted as the two parties could not agree on some technical aspects related to land matters, the source said.
The land, comprising 11 parcels of freehold land, is part of an oil palm estate known as Ladang Ulu Tiram.
Johor Land bought the land from Kulim (M) Bhd - another subsidiary of JCorp - in December 1996 for RM28 million, with the idea of setting up a housing development. However, a recession set in soon after and those plans had to be put on hold.
As to whether the company would revive those plans, the source said: “We have to revise (the plans) first... see whether we want to continue. It is always an option.”
If sold, Johor Land plans to use the proceeds to purchase land elsewhere.
The company told the Kuala Lumpur Stock Exchange recently that the net book value of the Kota Tinggi land as at December 31 2001 was about RM28.1 million.
The company’s landbank in Johor totals about 810ha, which it plans to develop progressively.
It is 50.5 per cent owned by Kulim and 8.1 per cent owned by JCorp.
Johor Land made a net profit of RM7.2 million on the back of a RM40 million turnover for the financial year ended December 31 2001. The figures are expected to improve in the 2002 financial year with net profit in the first nine months already at RM11.9 million and turnover at RM50.8 million.
Johor Land shares last closed 8.5 sen lower to 76 sen.
Source : NST 7/2/2003 |
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