Putih mata

Nothing else can hardly express the dismay of seeing something that would turn out to be very good and valuable beyond one’s imaginations, to slip away like sand through the grip of a clenched fist.

Sin Chew story:

TRX attracts Indonesia’s leading property developer

1MDB debt issue News 2015-05-13 12:30
KUALA LUMPUR, May 13 (Bernama) — The Tun Razak Exchange (TRX) has signed on Indonesia’s leading property developer, Mulia Group, to develop its Signature Tower at the upcoming international financial district here.

In a statement today, it said 1MDB Real Estate Sdn Bhd (1MDB RE), the master developer of the TRX, signed the sale and purchase agreement with Mulia Group for the development rights to the plot.

The land transaction is valued at RM665 million, it said.

1MDB RE Chief Executive Officer Datuk Azmar Talib said, “We are pleased to have the Mulia Group on board towards realising the potential of the TRX. This significant investment underscores foreign investor confidence in Malaysia.

The Mulia Group, which has a leading market share for premium commercial properties in Jakarta, developed, owns and manages seven premier office buildings in Jakarta’s central business district.

It includes the Wisma Mulia 1 and 2, ranked among Jakarta’s tallest and most prestigious office buildings.

Mulia Group President Director and owner, Eka Tjandranegara said the company is excited to be embarking on the project to develop the Signature Tower to become Kuala Lumpur’s new landmark.

“We see TRX’s potential to further develop the city’s role as a financial capital. It also aids our growth and expansion plans.

“I am committed to personally seeing this project through, drawing from our vast experience,” he added.

Mulia Group now joins the list of investors such as Lend Lease International, a global property and infrastructure group developing the RM8 billion Lifestyle Quarter and Veolia Water Technologies, whose water management technology will halve potable water use in TRX, said the statement.

The statement also said a mass rapid transit (MRT) service would connect TRX to the upcoming High Speed Rail terminus station at Bandar Malaysia and linking it to Singapore’s financial centre.

TRX will also have direct link to key roads and major highways such as SMART, MEX, Jalan Tun Razak and Jalan Sultan Ismail, it added.

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On Saturday, TH Chairman Dato’ Seri Azeez Rahim announced that the BoD of pilgrimage fund investment body of over 8 million depositors amongst Malaysian Muslim decided to hive off the 1.6acre acquired from TRX. This is despite obtaining a discount of RM 32 million from the original offer price.

It is a totally missed opportunity for TH to make good money from a high value premium investment.

Many reacted in the overtone of emotional sentiment after a blog irresponsibly posted papers to TH BoD on the internal evaluation for the proposal, which was designed solely to create anguish and public outcry.

The parcel for the 90 storey TRX  signature tower was offered to TH at the price of RM 578 million. However, TH rejected the offer.

Today, Mulia Group of Bakrie Group in Indonesia swooped the piece and paid RM 665 million for it. That is a cool RM 87 million, for just mere flipping exercise.

There is a market talk that Mulia Group might take up the serviced apartment parcel which TH had to relinquish with haste over the weekend.

Published in: on May 13, 2015 at 17:00  Comments (12)