This is the first plot of land that 1MDB is acquiring from the private sector, given that it had earlier obtained two strategically-located plots in the city via direct negotiations with the Government.
In a filing with Bursa Malaysia, Tadmax Resources, formerly known as Wijaya Baru Global Bhd, said that the deal was done via its wholly-owned subsidiary, Tadmax Power Sdn Bhd, which sold the land to Ivory Merge Sdn Bhd. The latter is a wholly-owned subsidiary of 1MDB Real Estate Sdn Bhd, which in turn is a wholly-owned subsidiary of 1MDB.
The leasehold flat land at Lot 72779 is located in Klang, Selangor. With 82 years to run its course before expiring in 2096, the land is located within a larger plot measuring 381 acres adjoining the Port Klang Free Zone (PKFZ) mega transhipment hub.
1MDB is buying 310 acres of this plot.
…Also, the Pulau Indah land adjoins the PKFZ, which created a debacle that nearly brought down a few politicians. It was one of Malaysia’s largest financial scandals after the project ran into losses totalling billions. Much of the overrun was due to the land cost which was sold to the Government at RM21 per sq ft in 2002…
source: The Star