Danny Tan to buy 5 sites in Iskandar

Posted by Sean Lim on March 22, 2017

MalaysiaIskandar.png
MALAYSIAN tycoon Danny Tan is poised to take control of a little-known Singapore-listed firm, in a deal involving five sites in the bustling Iskandar growth belt worth an estimated RM3 billion (S$1.16 billion). The company, Albedo, a steel and raw materials trader, has signed a non-binding deal with Temasya Cergas, a private vehicle of Mr Tan, 58, a prominent property developer.

 

According to the report, Albedo would buy the five sites in Iskandar's key Nusajaya zone by issuing new Albedo shares - a move which could result in a "reverse takeover". This means Mr Tan could finish up with enough Albedo shares to be the new controlling owner of the company, listed on the Singapore Exchange's second Catalist board for smaller companies. The planned acquisition of the Iskandar land, it hopes, will provide an opportunity to venture into new business areas of potential growth.

The announcement had no details on the purchase price, but one analyst conservatively estimates the land's value to be more than RM3 billion. The parcels, ranging from 12ha to 113ha, are in Iskandar's flagship development Nusajaya. They are earmarked for an integrated business park and mixed commercial and residential developments.

There is also rising visibility of the "Iskandar play" on the bourse here. The appeal of Iskandar, an economic zone three times the size of Singapore, is largely premised on its proximity to the Republic. That is set to grow stronger once a high-speed rail line linking Kuala Lumpur and Singapore is built. Abundant land and the healthy exchange rate also add to the value proposition.

Keen to find out more about Iskandar properties? You may at the same time, check out Malaysia housing loans offered by Singapore banks. Prepare yourself with all options before purchasing!

 


 New Call-to-action

Topics: Malaysia

Written by Sean Lim

Testimonials for FAHL

"I am most impressed by Sean's professionalism in assisting to put in place a mortgage plan that totally meets my investment objectives. His enthusiasm and passion for what he does is remarkable. I hope there will be more mortgage brokers like Sean and his colleagues in Singapore." - Ann Tay, Jan 2017"

"I would like to register my compliments for Maggie. I started enquiring about loans since June/July last year and Maggie has been diligent in following up with me and in addressing all my questions. I recently only settled the bank loan. Throughout this period of several months, Maggie has been patient, proactive and prompt.  It is a delight working with her." - Irene

"You have given good advice, Maggie. Your website is the easiest to follow to get list of documents. We prepared according to the website and it is easy for us to understand." - Shally Tan

Subscribe to Email Updates

Recent Posts