The Star - Tropicana to Buy Bentong Land for RM402mil
PETALING JAYA: Tropicana Corp Bhd has proposed to acquire two contiguous pieces of land of 308 acres in Bentong, Pahang from YTL Land & Development Bhd for RM402.49mil in cash.
The company will, through its wholly owned subsidiaries, buy the pieces of land from the vendors - Satria Sewira Sdn Bhd (102 acres for RM178.16mil) and Emerald Hectares Sdn Bhd (206 acres for RM224.33mil).
Tropicana said the final price for both the lands were arrived at a "willing buyer willing seller" basis and had taken into consideration several factors including - its freehold status, future development potential and previous transacted prices of similar land in the surrounding areas.
The purchase would be funded by a combination of internally generated funds and or bank borrowings, the quantum of which will be determined later depending on Tropicana's gearing level, interest costs as well as internal cash requirements for its business operations.
"The proposed acquisitions along with the company's existing land adjacent for future development, hereby provide an opportunity for the company to build upon its land bank and also to enhance its property development profile in Genting Highlands," it said.
The company said that the locations of the lands to be acquired are adjacent to Tropicana Grandhill, a 112-acre freehold mixed development. "In terms of accessibility and utility services, this would enable better infrastructure sharing and facilitate optimal resources utilisation within these project developments," it said.
