JOHOR BARU: KSL Holdings Bhd executive director Ku Hwa Seng has been identified as the businessman who is disposing of his privately-owned freehold oil palm estate in Ulu Tiram for RM83.08mil.
A source said the decision to sell the estate was made on his capacity as the private owner of the land and had nothing to do with the group and its subsidiaries.
“The land is suitable for developers planning to embark on a mixed property development project or for oil palm planters,'' said the source.
It said if a property developer was a successful bidder, he had a choice of starting the property project on the land within a year or two after concluding all the relevant documents and transfer of ownership.
Or the developer who did not mind holding to the land could also wait for the planted oil palm trees to mature and harvest the crops for the next 20 or 25 years.
Asked what might have prompted Ku to want to dispose of the estate instead of harvesting the crops in years to come with a steady revenue, the source said he probably wanted to focus on the company's core business.
Presently, KSL has four major on-going projects in Iskandar Malaysia KSL City, Taman Nusa Bestari, Taman Bestari Indah, Taman Kempas Indah and Bukit Mutiara@Nusajaya.
The company is expected to launch the RM2.5bil Bandar Bestari a mixed development project in Klang and 50 units of high-end apartments in Jalan Madge off Jalan U Thant in Kuala Lumpur with a gross development value of RM200mil this year.
The 224.15ha land is mostly planted with about four-year old palm trees in three adjoining lots. The land is located at Kangkar Sungai Tiram, at the confluence of Sungai Johor with Sungai Tiram, about 17km from Ulu Tiram town. The public auction of the oil palm estate will be held March 2.
A senior manager from a public-listed company said the land's location would be good for a waterfront mixed development project.
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