1MDB starts land sale tender exercise in Pulau Indah

KUALA LUMPUR - 1Malaysia Development Bhd (1MDB) has started the land sale tender exercise for its 128.7-ha land in Pulau Indah, Selangor.

1MDB said it had appointed Savills (M) as adviser and had prepared a detailed information memorandum for distribution on the exercise.

"Suitably qualified potential purchasers are invited to register their expressions of interest with Savills (M) for this tender process," it said in a statement yesterday.

"The 1MDB land parcel in Pulau Indah, Mukim Klang, Selangor is on a single-large development site, measuring approximately 318 acres.

"It is adjacent to the Port Klang Free Zone and other industrial developments," 1MDB said.

The sale of the land is part of the rationalisation plan presented to the Cabinet on May 29, 2015.

Meanwhile, 1MDB also said the overall plan was proceeding smoothly.

It said shortlisted bidders were currently conducting a detailed due diligence on Edra Global Energy Bhd and Bandar Malaysia respectively.

1MDB had earlier announced its intention to monetise its land parcels in Pulau Indah and Air Itam in Penang through joint ventures or by outright sales under a strategic review announced on Feb 18.

For the 310 acres in Pulau Indah that it bought from Tadmax Resources Bhd, it had forked out RM294.38million (S$97.39 million).

Based on Tadmax's filing with the stock exchange in December 2014, the price had been revised from the original RM317.33million.