Johor Sultan Buying Stake for RM250m Cash in
Berjaya Times Square
22.26ha in Danga Bay
for RM376 per sq ft from
another developer.
Second Penang Bridge
Expected to Open in
February
It is said the estimated
sellable floor area of about
3.5 million sq m for the R&F
deal worked out to a plot
ratio of 7.5 times and that is
seen as high, given that the
land is worth about RM891
per sq ft.
In comparison the Danga
Bay plot ratio is 5.22 times.
Berjaya Times Square, Kuala Lumpur
Fresh from selling six plots
of land in Johor Baru for a
whopping RM4.5 billion, the
Johor Sultan has entered
into an agreement to buy a
20% stake in Berjaya Times
Square Sdn Bhd (BTS), which
among others, owns the
Berjaya Times Square Mall in
Jalan Imbi, for RM250 million
cash according to Star.
This is not the first
investment the ruler of Johor
has made in recent months,
as he is seen to be picking
up assets and emerging as
shareholder in companies.
Berjaya Assets Bhd told
Bursa Malaysia that it
had inked an agreement
to dispose of 150 million
shares of RM1 each, or a
20% equity stake, in BTS
to Sultan Ibrahim Sultan
Iskandar.
A unit of Berjaya Assets, BTS
owns and manages Berjaya
Times Square Mall which
has a gross built-up area of
7.5 million sq ft on 4.05ha in
Jalan Imbi, Kuala Lumpur.
The building comprises a
12-level shopping mall, two
46-storey towers of serviced
suites and hotel, five levels
of basement and 10 floors
of annexed carparks.
Besides that, BTS is also
involved in the operations
of carparks and theme park,
and its other subsidiary
owns and manages Berjaya
Waterfront, Johor Baru
(formerly known as The Zon
in Johor) with properties
spreading over 7.28ha of
prime land in Johor.
Berjaya Assets said the sale
allowed it to raise immediate
cash and that the Sultan’s
entry into BTS would
enable him to participate
more actively in the future
direction and developments
of the BTS Group.
Berjaya Assets intends
to use the proceeds for
working capital and future
investments.
China-based developer
Guangzhou R&F Properties
Co Ltd bought six plots of
land totalling 47ha in Johor
Baru from the Sultan for
a whopping RM4.5 billion
or RM891 per sq ft. It is a
record deal as just months
earlier another developer
from China, Country Garden
Holdings Co Ltd, had bought
That aside, Berjaya Assets is
part of Berjaya Group which
is ultimately majority owned
by Tan Sri Vincent Tan. He
is a long time investor in
REDtone International Bhd
and in July bought more
shares to raise his stake
to 13.86%, making him the
second largest shareholder
in the telco and WiFi
infrastructure builder.
Earlier in May, the Johor
Sultan ended with a 51%
equity stake in REDtone
Network Sdn Bhd (RN) via
a transaction with REDtone
International, whose stake
in RN has been reduced to
49% from 70%.
RN is one of the three
companies that was
shortlisted by the Malaysian
Communications and
Multimedia Commission
in November last year
for the digital terrestrial
television broadcast (DTTB)
infrastructure contract.
An entourage from the Works Ministry on the second
Penang bridge
The second Penang
bridge, which is now
99.9% completed, is
expected to be opened
to the public in February,
said Works Minister
Datuk Fadillah Yusof.
“Only the construction
of two toll plazas in
Batu Kawan – one at
the Bandar Cassia
interchange and the
other at the interchange
connecting to the NorthSouth Expressway (NSE)
– is yet to be completed.
“Upon completion, the
28-booth toll plaza
in Bandar Cassia will
be the largest in the
country,” he told a press
conference at the China
Harbour Engineering Co
Ltd (M) Sdn Bhd office in
Batu Maung.
Currently, the Sungai
Besi toll plaza is the
largest one in the
country with over 18
lanes.
The Bandar Cassia toll
plaza (PB2X Toll Plaza)
will be managed by
Jambatan Kedua Sdn
Bhd. NSE operator PLUS
Expressway Bhd will
operate the other one
(PLUS Toll Plaza).
“The PB2X Toll Plaza
is meant for motorists
who are not using the
NSE, especially the locals
who want to commute
to the island from the
Batu Kawan area. After
the construction is done,
we have to integrate
the system with other
highways such as the
NSE,” Fadillah said.
He added that the
bridge would be opened
to the public only after it
met requirements set by
the Malaysian Highway
Authority.
On talk that toll rates
would be increased next
year, he said they were
subject to review every
three to five years and
added that the toll rates
for the bridge were still
at the negotiation stage,.
“We have a total of
29 tolled highways in
the country and the
concession agreements
vary.
“For example, the NSE
is due to be reviewed in
2016,” he said, adding
that a few highway tolls
would be reviewed next
year and the incremental
rate would depend on
the Federal Government,
which would take into
account its financial
position and the people’s
economic situation.
The second Penang
bridge, spanning 24km
with 16.9km over the
sea, is expected to ease
at least 25% of traffic
congestion on Penang
Bridge.
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