KUALA LUMPUR, Sept 14 (Bernama) – Tropicana Corporation Bhd (TCB) plans to participate in the development of a township in Johor with a potential net gross development value of RM4.3 billion by acquiring a 50.1 per cent stake in Peluang Duta Sdn Bhd (PDSB).
In a filing with Bursa Malaysia today, the property developer announced its proposal to buy the 501,000 shares in PDSB for RM49.05 million.
PDSB, through 70 per cent-owned subsidiary T Sanctuary Development Sdn Bhd, owns 133.18 hectares of leasehold land earmarked for the project.
The vendors are TCB's major shareholder Tan Sri Tan Chee Sing and his children, including TCB Deputy Group Chief Executive Officer Datuk Dickson Tan and Group Managing Director Dion Tan.
TCB said the proposed development would comprise 70 per cent residential and 30 per cent commercial, including terrace houses, shop offices, urban affordable houses, serviced apartments, and an international school that could initially cater for more than 2,000 students.....