Consortia, Khazanah in talks on IDR projects

Consortia, Khazanah in talks on IDR projects
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PETALING JAYA: Several consortia, including one formed by up to six local tycoons, are currently in negotiation with Khazanah Nasional Bhd on development projects in the Iskandar Development Region (IDR).

Besides a local consortium, two foreign ones had also been formed – one each by investors from the Middle East and Western countries, said Associated Chinese Chamber of Commerce and Industries of Malaysia president Tan Sri William Cheng.

However, he did not disclose the people behind the local consortium.

“The consortia are likely to develop land between 1,000 and 2,000 acres. They are likely to buy land from the private sector, state government or existing developers,” Cheng said.

He was speaking to reporters at the Golden Bull Award 2007 – The 5th Malaysia 100 Outstanding SMEs nationwide roadshow yesterday.

“I hope the projects will take off next year. Discussions will take about six months,” Cheng said, adding that there were many projects that could be developed in the IDR.

Nanyang Siang Pau chief executive officer Chong Choong Nam (left) presenting a souvenir to Tan Sri William Cheng after the Golden Bull Award 2007 roadshow. Looking on is Datuk Paul Leong Khee Seong
Sin Chew Daily in a June 10 report had quoted Cheng as saying the consortium formed by local Chinese businessmen would likely focus on developing hotels, hospitals, shopping malls and university campuses in the IDR.

The consortium would consider seeking the assistance of businessmen or groups from Hong Kong and Singapore with experience in similar developments, the report added.

Meanwhile, Nanyang Press Holdings Bhd executive chairman Datuk Paul Leong Khee Seong said a new category would be added to this year's award.

“The Golden Bull International Cooperation Honorary Award aims to recognise international organisations for their efforts and contributions in forging international cooperation with Malaysian small and medium enterprises, in particular the Golden Bull Award winners,” he said.

He added that entry requirement for nominees in the service sector had been revised to attract more participation. Nominees now only require a maximum annual turnover of RM10mil for all services and service-related businesses.