The first quarter of 2022 has been hectic for developers and property movers as they revive the property industry amid the recovering economy. With positive buyer sentiment, many lands are exchanging hands for residential and commercial purposes.
As such, 3 significant land transactions in Q1 2022 will contribute to the nation’s economic and infrastructure developments
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PMB Technology signs an MOU to acquire land from Sabah Oil and Gas Development Corp Sdn Bhd (SOGDC) to develop a new silicon plant
PMB aims to make a metal silicon production plant on 200 acres of land in Sabah such that it has a constant supply of natural gas at acceptable rates. They entered a memorandum of understanding (MOU) on 31 March 2022 to sublease or purchase the land from Sabah Oil and Gas Development Corp Sdn Bhd (SOGDC) to accomplish this mission.
The main objective of the MOU was to nail down the detail of the land transaction, including:
- Rental for lease or selling price.
- Lease tenure or completion period of the sale.
- Other commercial terms for the sub-lease or sale of the land by SOGDC to PMB.
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The State and Federal Government jointly invested in 3,200 land lots for the second generation of Felda
On 9 March 2022, Prime Minister Datuk Seri Ismail Sabri Yaakob announced that 3,200 land plots would be provided to the second generation of Felda settlers in Johor. He was at a press conference for the 2022 Johor level Prosperous Malaysian Family Rukun Tetangga Community (KRT) grants at Felda Lok Heng Barat Community Sports Hall when he disclosed the news.
He said the government would not be selling ready-made houses to the second generation of Felda anymore. Instead, the State government invested RM30 million to provide the land to Felda, while the Federal government will fund another RM30 million to bear the infrastructure cost.
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Senheng Electric (KL) Sdn Bhd to buy industrial land from Pintaras Jaya Bhd to develop a warehouse
On 1 April 2022, Pintaras Jaya Bhd, a foundation and piling specialist, proposed selling a plot of industrial land in Klang to Senheng Electric (KL) Sdn Bhd for RM25.28 million. The buying party is a wholly-owned subsidiary of Senheng New Retail Bhd.
In a Bursa Malaysia filing, Pintaras disclosed that the 11,744 square metres of freehold land were acquired at RM5.85 million in June 2011. Therefore, the current selling price would generate an estimated net gain of RM18.8 million before tax, which they would use as working capital for their company.
On the other hand, Senheng has big plans for the land. They intend to build a warehouse on it to distribute products to regional hubs that can reach customers throughout Peninsular Malaysia, Sabah and Sarawak.
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