Yes,MK Land is selling out some prime pieces of land to raise cash.The interesting twist is not in the court of MK Land but rather who are the buyers.
Let's go on with the story.
MK Land will sell to a little-known Foster Estate Sdn Bhd two pieces of land in Damansara Perdana, Selangor, for a combined RM130 million.
And what do you know? According to the Companies Commission of Malaysia, Sumami Kiman and Saharuddin Abdullah hold one share each in that RM2 company.
What makes its almost an Agatha Christie book is these two were also the same shareholders of Jelas Ulung Sdn Bhd, which is making the bid to buy the strategic mammoth PLUS.
Jelas Ulung was also rumoured to be the vehicle for Tan Sri Halim Saad although this was denied by people close to the businessman.
Foster Estate was set up on November 4 2010 and is based in Klang. Its core activity is property investment.
According to MK Land chief operating officer Lau Shu Chuan, proceeds from the land sale will be used to carry out existing projects and new ones over two years.
The deal is due to be completed by the end of this year. In a statement to Bursa Malaysia, MK Land said it has no immediate plan to develop the land.
MK Land is selling two parcels of land in Damansara Perdana, comprising 7.4ha and 3.3ha for RM100.8 million and RM29.2 million, respectively.
The developer had bought the land in April 2000 for RM5.9 million and RM2.4 million, respectively.
Damansara Perdana sits next to the thriving Kota Damansara township and it is also close to the new planned development of the Rubber Research Institute Land in Sungai Buloh.
So,what plans have the RM2 company for these pieces of land as it sits comfortably next the the MRCB managed Sg. Buluh giant property project?
As for MK Land, as the Chairman is vacating his seat this year,a substantial amount of his personal loans to MK Land will certainly be paid out from this land deal sale,I am sure.
I expect MK Land to turn the corner this year!
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