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PETALING JAYA (JUNE 25): Encorp Bhd and Federal Land Development Authority (Felda) will develop an integrated township in Bukit Katil, Melaka, which has an estimated gross development value (GDV) of RM4.9 billion, according to a report in The Edge Financial Daily today.
“We are planning a mixed development in Melaka. Spanning 640.98 acres (259ha), the leasehold land is owned by Felda, while Encorp will be the developer,” said Encorp chairman Tan Sri Mohd Isa Abdul Samad to reporters after the memorandum of understanding (MoU) signing ceremony between Encorp and Felda.
Encorp plans to launch the township as early as 3Q2017. The residential component will make up 80% of the development, while the remaining 20% will be commercial units including office and retail lots.
“Melaka presents a good opportunity for us. Our township will be close to urban public transport. We are made to understand that one of the stops for the high-speed rail will be at the Melaka International Trade Centre. If that is true, that will certainly be positive to us as it will be close to our township area,” said Isa.
Going forward, Isa said Felda may inject some of its landbank into Encorp for property development, and will position the company as the property development arm of Felda, similar to Felda Global Ventures Holdings Bhd being the plantation arm of Felda.
Currently, Encorp’s total outstanding GDV stands at RM500 million. It has a total landbank of 277,302 sq m, with a total net book value of RM94.637 million, according to the company’s 2014 annual report.
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