GEORGE TOWN: Berjaya Land Bhd (BLand) plans to build a low-density gated residential project with an estimated gross development value of RM1.52 billion on its new Penang land.

The project will be marketed as high-end exclusive residences which will include bungalows, semi-detached and condominium units.

The company is also planning to site the required low and medium housing units within the site, but at a different location.

"We see a growing demand for upmarket landed properties in Penang and we hope to meet this demand with our development," Berjaya Corp's chairman and founder Tan Sri Vincent Tan said yesterday during the signing of a sales and purchase agreement for the land.

Signing on behalf of BLand was Tan, the company's chief executive officer Datuk Francis Ng and its non-independent executive director Tan Thiam Chai.

Penang Turf Club (PNTC), meanwhile, was represented by its committee members Datuk Seri Teh Choon Beng and Saw Lip Khai, general manager Leow Khin Ming and legal adviser Khoo Boon Chye.

The history of the PNTC dates back to 1864, and is the oldest of three turf clubs in Malaysia.

PNTC is located on 108ha of land with a racetrack of about 1,900m long and 24m wide, and the present usage of the site includes horse stables and equestrian masters' quarters and an 18-hole golf course.

Tan said the development of the project on the grounds of the PNTC will not affect the club's horse-racing activities which will take place on the newly-repaired and rejuvenated main racing track.

"However, the proposed sale will include the upper nine of the 18-hole golf course but the club will continue to maintain the bottom nine of the golf course."

The club is situated next to the upmarket Jesselton residential area.

In a filing to Bursa Malaysia yesterday, BLand stated that it paid RM184 per sq ft for the land and the purchase would be funded with internal funds and/or borrowings.

SOURCE: Business Times