PENANG: BERJAYA LAND BHD [] is buying 57 acres of prime freehold land from Penang Turf Club for RM459 million for residential property projects with gross development value (GDV) of about RM1.52 billion.
Berjaya Group chairman Tan Sri Vincent Tan said on Tuesday, Aug 16 the current horse racing activities at the turf club would continue to remain at the club premises in Batu Gantong. The land it is buying is near the club.
He said the development would be residential projects and that there would not be any high rise property projects or commercial PROPERTIES [].
BLan said in a statement to Bursa Malaysia the property is accessible from Jalan Batu Gantong, off Jalan Scotland. The property is located within PTC and its immediate neighbouring developments are mainly housing and related facilities.
The present usage of the property includes horse stables, equestrian activities and part of an 18-hole golf course.
BLand proposed a low density exclusive guarded and gated-up housing development comprising bungalows, semi-detached houses, condominiums and low medium cost housing.
'Based on the preliminary plans for the development, the estimated GDV of the development is about RM1.52 billion. The total development cost and the source of funds for the development will only be ascertained once the development plans are finalised,' it said.
Berjaya Group chairman Tan Sri Vincent Tan said on Tuesday, Aug 16 the current horse racing activities at the turf club would continue to remain at the club premises in Batu Gantong. The land it is buying is near the club.
He said the development would be residential projects and that there would not be any high rise property projects or commercial PROPERTIES [].
BLan said in a statement to Bursa Malaysia the property is accessible from Jalan Batu Gantong, off Jalan Scotland. The property is located within PTC and its immediate neighbouring developments are mainly housing and related facilities.
The present usage of the property includes horse stables, equestrian activities and part of an 18-hole golf course.
BLand proposed a low density exclusive guarded and gated-up housing development comprising bungalows, semi-detached houses, condominiums and low medium cost housing.
'Based on the preliminary plans for the development, the estimated GDV of the development is about RM1.52 billion. The total development cost and the source of funds for the development will only be ascertained once the development plans are finalised,' it said.
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