Berjaya Land Berhad (BLand) will be the counter in the Berjaya Group stable to watch as it has really gone no where in 2010.
If the BJToto counter is really privatised, then BLand will be the direct owner of the number forecast gaming company that owns about close to 40% of the NFO in Malaysia. Then it will be going places.
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Let us look at some of the development or sadly non-development of BLand.
The first project held in long hibernation relates to the
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(1) Proposed acquisition of about 244.79 acres of leasehold land located in Sungai Besi (“Sungai Besi Land”) together with all existing buildings and structures erected thereon by Selat Makmur Sdn Bhd ("SMSB"), a 100%-owned subsidiary of Bland, from Selangor Turf Club (“STC”) for a total consideration of RM640.0 million ("proposed acquisition of Sungai Besi Land"); and (2) Proposed acquisition of about 750.0 acres of freehold land located in Sungai Tinggi (“Sungai Tinggi Land”) by SMSB from Berjayacity Sdn Bhd (“BCSB”) and the proposed appointment of BCSB as the turnkey contractor to carry out the construction of the new turf club for a total consideration of RM605.0 million (“proposed acquisition of Sungai Tinggi Land”) Both of these are collectively referred to as the “proposals” And now what is the status? |
For starters, the Board of Directors of BLand ("Board") wishes to announce that STC has officially notified SMSB via a letter dated 27 December 2010 granting a further extension of time from 19 January 2011 to 18 January 2012 to fulfill the conditions precedent pursuant to the Proposed Acquisition of Sungai Besi Land. Details of the conditions precedent which have yet to be fulfilled as announced on 16 August 2010 are as follows:- (a) renewal of consent by Land and Mines Department (Federal) for the transfer to SMSB of the portion of Sungai Besi Land (held under H.S.(D) 61790 No. P.T. 2872 in the Mukim of Petaling, District and State of Wilayah Persekutuan) that resides in Wilayah Persekutuan Kuala Lumpur which had expired on 11 January 2006; (b) agreement being reached between STC and SMSB on the layout plans, building plans, designs, drawings and specifications for the New Turf Club. Pending the fulfillment of Item (c) below, STC and SMSB have not finalized the layout plans, building plans, designs, drawings and specifications for the New Turf Club; and (c) the approval, permit or consent of any other relevant authorities as may be required by applicable laws include inter-alia the following:- (i) approval from the Town and Country Planning Department of the State of Selangor on the re-tabling of the amended master layout plan which was re-submitted on 19 August 2008; (ii) approval from the Majlis Daerah Hulu Selangor for the Development Order, earthworks and infrastructure and building plan pertaining to the construction of the New Turf Club after approval under Item (c) (i) above is obtained; and (iii) approval from the State Exco of Selangor for the conversion and sub-division of Sungai Tinggi Land after approvals under Item (c) (i) and (ii) above are obtained. Now let us move on the next project. Proposed Development of a of a resort-type residential & commercial complex in Yerae-Dong, Seogwipo-Si, Jeju special self-governing province ("project ") Berjaya Jeju Resort Limited, the joint-venture company undertaking the of Jeju’s Casino Resort Project has yet to obtain the casino licence. The issuance of the casino licence is conditional upon, inter-alia, completion of the construction of the hotel. The proposed full-fledged casino will be housed in the hotel which forms part of the Project development.
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