KUALA LUMPUR: Berjaya Land Bhd’s (BLand) subsidiary BDS Smart City Co Ltd (BDS) will undertake a housing and mixed project on a 183-acre land with a gross development value of US$746.08 million (RM3.05 billion) in Yangon, Myanmar. In an exchange filing today, BLand said it has today entered into a concession agreement with the government of Yangon Region (YRG) to formalise collaboration for the proposed development. It added the gross development cost (GDC) for the project is estimated at US$614.92 million (RM2.52 billion) with an estimated profit before taxation of about US$131.16 million (RM536.44 million). “The GDC is expected to be funded through bank borrowings and internally-generated funds of the BLand Group.”The company said the proposed development is synergistic and complementary to the existing business and operations of the group. “The proposed development provides an opportunity for the BLand Group to venture into the Myanmar property market as part of its regional expansion plan.”It said the project also represents an opportunity for the BLand Group to participate in the project that will generate sustainable income to the group in future years.

Source: New Strait Times February 07, 2020 13:07 UTC