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Pacific & Orient (P&O) have obtained building approval for land in Miami, Florida, according to a report.
Citing "sources familiar with the matter", The Edge Malaysia reports that the source says the bayfront land in North Bay Village, Florida is earmarked for a residential project.
"The company is looking to build 54 units [built-ups of] 1,300 sq ft to more than 7,000 sq ft. It will be the first residential project in the area in 12 years. Facilities include a gym, swimming pool and private dining room with an east-meets-west concept," the publication quoted a source as saying.
Expected earnings from the project are unclear.
North Bay Village real estate websites show the average price per sq ft for the area was US$257.
The freehold land in Miami was acquired for US$8.3 million in 2014.
P&O's mainstay continues to be in financial services, namely the insurance and money lending business, but it is positioning itself to enter property development in the US.
Read the full report in this week’s The Edge Malaysia
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