Sime Darby disposing 805-acre land in Semenyih to I&P Group for RM429 mil

Sime Darby Berhad
 is selling a 805-acre of estate land in Semenyih, Selangor, to sister company I&P Group Sdn Bhd for RM428.8mil (RM12.22 psf) cash. The freehold land, known as Glengowrie Estate, is located in Semenyih/Beranang and adjacent to the proposed Eco Forest township by EcoWorld. It is also just located near to the Selangor – Negeri Sembilan border. Approval for the rezoning of the land from agricultural to residential has been approved by Majlis Perbandaran Kajang on 18 May 2016.

Sime Darby Berhad and I&P Group share the same major shareholder – Permodalan Nasional Berhad (PNB). Sime Darby said the land was not a key development focus area for its property arm and said it would use the proceeds from the disposal to develop its strategic property projects such as City of Elmina and Malaysia Vision Valley.

Land Details:

Lot no: Lot 41 and Lot 1807, Mukim of Beranang, District of Hulu Langat, Selangor Darul Ehsan
(along Jalan Kesuma 8, Bandar Tasik Kesuma, Semenyih, Selangor)
Land area: 805-acre (Lot 41 – 745 acre; Lot 1807 – 60 acre)
Tenure: Freehold
Category of land use: Agricultural
Land price: RM428.8 mil (RM12.22 psf)
Date of transaction: 5 October 2016
Vendor: The Glengowrie Rubber Company Sdn Bhd (company of Sime Darby Bhd)
Purchaser:  Petaling Garden Sdn Bhd (company of I&P Group Sdn Bhd)
1. Land valued by CH Williams Talhar & Wong Sdn Bhd on 10 Aug 2016 for RM420 mil (RM11.97 psf).
2. Land valued by Hakimi & Associates Sdn Bhd on 19 Jan 2016 for RM415.53 mil (RM11.85 psf).
3. Approval for the rezoning of the land to “residential” in Draf Rancangan Tempatan Majlis Perbandaran Kajang (Pengubahan 3) 2020 has been obtained on 18 May 2016.

Location Map:


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