ABOUT three weeks ago, Naza TTDI Sdn Bhd surprised the market when it announced it was going to build a RM628mil expo centre for the Government in exchange for 65 acres of state land in Jalan Duta, Kuala Lumpur, in the vicinity of the Malaysia External Trade Development Corp (Matrade).
The total gross development value (GDV) of all the projects on that piece of land comes up to RM15bil. The announcement set tongues wagging among politicians, developers, analysts and property consultants. How did the Naza group land the deal? Did they get the 65 acres for a song? Shouldn’t there be an open tender for the project? Is the timing right, even amid the soft property market?