Since the last durian-eating session between Singapore’s Prime Minister Lee Hsien Loong and Malaysia’s premier Badawi with the pledge by the former to support IDR (Iskandar Development Region), everthing has quiet down until today when the ambitious IDR project was awaken again by the local media.
A local newspaper quoted a source as saying the land would be purchased from South Johor Investment Corp (SJIC), the developer of IDR, but jointly developed by the Middle Eastern parties and SJIC. Mudabala Group of Abu Dhabi and the Abu Dhabi Investment Authority are said to be among the investors that would be building high-end properties in IDR.
The market was optimistic that Putrajaya Perdana Bhd will be the major player after Swan Symphony Sdn Bhd has proposed to buy a 50.6% stake in Putrajaya Perdana (KLSE:PPEDANA, stock-code 5117) for RM390mil cash recently from Eastern & Oriental Berhad (KLSE: E&O, stock-code 3417). Swan Symphony, a consortium comprising Middle Eastern, Malaysian and Singaporean investors, is 51%-owned by the Abu Dhabi-Kuwait-Malaysia Investment Corp and 49% by Autron Investment.
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