PROPERTY NEWS: Berjaya Corp purchases Yokohama land for RM408.8 million in to develop the Four Seasons project

Key takeaway: Berjaya Corp Bhd (BCorp) is acquiring six parcels of freehold land totaling approximately 20,977.15 square metres in Yokohama, Japan, for RM12.66 trillion (RM408.82 million).

According to BCorp, its wholly owned subsidiary Berjaya Yokohama Hospitality Asset TMK is considering developing a Four Seasons Yokohama Harbour Edge project on these lands, which would include a luxury hotel, upscale residences, an aquarium, and retail outlets.

The estimated gross development cost, including land acquisition costs, is around 101.54 billion ringgit (RM3.28 billion), while the estimated gross development value is 138.17 billion ringgit (RM3.28 billion) (RM4.46 billion).

BCorp stated that the project will be developed over a four-year period and will be funded through bank borrowings and internal funds.

These lands are the last waterfront undeveloped area in Yokohama City, located near key Yokohama city landmarks such as the Yokohama Landmark Tower and the Yokohama Museum of Art, according to the group in a Bursa Malaysia filing on Wednesday (Dec 28).

The proposed acquisition is not subject to approval by BCorp shareholders.

BCorp shares closed half a sen or 1.7% lower at 29 sen, giving the company a market capitalisation of RM1.73 billion.

© December 2022, EdgeProp.my