Larger Smaller Reset KUALA LUMPUR (Dec 21): DRB-HICOM BHD []'s unit has entered into a swap agreement to convert the status of its land in Langkawi from Malay reserve (MR) to non-Malay reserve with a view to undertake high-end boutique luxury mixed developments there.
It said on Wednesday that its unit Rebak Island Marina Bhd (Rebak) had entered into the agreement with Northern Gateway Free Zone Sdn Bhd (NGFZ) to change the designation of 333 acres of land owned by Rebak from MR to non-MR status of 350 acres freehold land in Bandar Kota Perdana, Kubang Pasu, Kedah for RM76 million cash.
DRB-Hicom said Rebak owned 379.78 acres leasehold land on Pulau Rebak Besar, Langkawi as well as 4.70 acres of freehold land.
The conglomerate said the swapping of the land status was an allowed exercise to convert the status of MR land to non-MR land subject to the relevant conditions imposed by the Kedah state government.
On the rationale for the land status conversion, DRB-Hicom said that there was a recent surge in the exodus of high net worth individuals to the Asean region which had contributed to the success of boutique luxury concept projects undertaken in the region, including Phuket, Koh Samui and Bali.
It said Malaysia was the only country in the region that does not have the boutique luxury concept developments, adding that concept projects in Langkawi would amplify the 5-year Langkawi Tourism Blueprint announced by the government to attract high net worth individuals to reside in Langkawi.
'Acknowledging the said potential of high-end boutique luxury mixed developments, DRB-Hicom via Rebak plans to develop villas and waterfront bungalow lots, commercial retail outlets and other required amenities on the undeveloped portion of Rebak Land,' it said.
DRB-Hicom said its future earnings were expected to improve taking into consideration the enhanced future development potential of Rebak Land, after the conversion, which would benefit the group in the long-term.
It said on Wednesday that its unit Rebak Island Marina Bhd (Rebak) had entered into the agreement with Northern Gateway Free Zone Sdn Bhd (NGFZ) to change the designation of 333 acres of land owned by Rebak from MR to non-MR status of 350 acres freehold land in Bandar Kota Perdana, Kubang Pasu, Kedah for RM76 million cash.
DRB-Hicom said Rebak owned 379.78 acres leasehold land on Pulau Rebak Besar, Langkawi as well as 4.70 acres of freehold land.
The conglomerate said the swapping of the land status was an allowed exercise to convert the status of MR land to non-MR land subject to the relevant conditions imposed by the Kedah state government.
On the rationale for the land status conversion, DRB-Hicom said that there was a recent surge in the exodus of high net worth individuals to the Asean region which had contributed to the success of boutique luxury concept projects undertaken in the region, including Phuket, Koh Samui and Bali.
It said Malaysia was the only country in the region that does not have the boutique luxury concept developments, adding that concept projects in Langkawi would amplify the 5-year Langkawi Tourism Blueprint announced by the government to attract high net worth individuals to reside in Langkawi.
'Acknowledging the said potential of high-end boutique luxury mixed developments, DRB-Hicom via Rebak plans to develop villas and waterfront bungalow lots, commercial retail outlets and other required amenities on the undeveloped portion of Rebak Land,' it said.
DRB-Hicom said its future earnings were expected to improve taking into consideration the enhanced future development potential of Rebak Land, after the conversion, which would benefit the group in the long-term.
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