Monetisation of Air Itam, Pulau Indah land receive various proposals - 1MDB

1Malaysia Development Berhad president and group executive director Arul Kanda Kandasamy said the monetisation of the company’s Air Itam and Pulau Indah land received significant interest.

“I am pleased to update that we have received significant expressions of interest in both land parcels,” he said.

“As part of its strategic review, 1MDB had announced on 18 February 2015 its intention to monetise the company’s land parcels in Air Itam and Pulau Indah through joint ventures or outright sales,” he said.

Arul Kanda said this was later confirmed in the rationalisation plan presented to Cabinet on 29 May 2015.

Accordingly, 1MDB intends to appoint an independent real estate consultant to assist in reviewing the various proposals.

“A further announcement providing an update on progress will be made within the next two weeks," he said.

In March, Second Finance Minister Datuk Seri Ahmad Husni Hanadzlah said the land in Pulau Indah could be 'monetized' because the company needed more cash to launch development projects.

1MDB had bought a 310-acre vacant leasehold land in Pulau Indah for RM294.37 million, after a 7.2% discount from the original RM317.34 million that was agreed upon in a share sale agreement in February 20, 2014.

Tadmax had already received a 10% deposit from Ivory Merge, a subsidiary of 1MDB, in February.