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KUALA LUMPUR (Nov 27): GuocoLand (Malaysia) Bhd, the property arm of Hong Leong Group, is open to any “strategic partner” who can add value to its property developments.
GuocoLand’s managing director Tan Lee Koon (pictured) told The Edge Financial Daily after a media tour of Damansara City Mall (DC Mall) at Damansara City yesterday that as long as the partner is one who can create value for shareholders, he would consider a tie-up.
“In business, there is always synergy going on ... If anything can add value, we are open to it,” he added, but declined to elaborate.
It was reported in July that DC Mall had attracted buyers, including Tan Sri Desmond Lim Siew Choon, who owns KL Pavilion and Pusat Bandar Damansara. However, talks between GuocoLand and Lim have fallen through.
Meanwhile, Tan sees the company’s series of land disposals this year as “part of the business”, adding that divestment is always an option after assets are nurtured for some time.
On whether GuocoLand would be disposing of more land anytime soon, Tan only said “we will continue to focus on our core businesses”.
Tan expects the completion of Damansara City to bring in sales and investments that will positively impact the group’s earnings. An integrated project in Damansara Heights spanning 8.5 acres (3.44ha) of freehold land with an estimated RM2.5 billion in gross development value, Damansara City is expected to be completed in June, 2016.
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This article first appeared in The Edge Financial Daily, on Nov 27, 2015. Subscribe to The Edge Financial Daily here.
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