Selangor MB asks for RM844.2m from Tropicana Corp

by **Cals** Thu 27 Mar 2014, 08:21

[size=33]Selangor MB asks for RM844.2m from Tropicana Corp[/size]

Posted on 27 March 2014 - 05:37am

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[size=14]PETALING JAYA: The Selangor State Government has decided to cash in early on land promised to Tropicana Corp Bhd, demanding RM844.2 million for 1,172 acres of land formerly known as Canal City, after the latter signed a land deal which saw it pocket RM470.67 million for 308.72 acres.

Tropicana Corp became the beneficiary of the 1,172 acre of land originally alienated to Menteri Besar Selangor Incorporated, when the project manager Permodalan Negeri Selangor Bhd (PNSB) signed a sale and purchase agreement with Tropicana's subsidiary, Sapphire Index Sdn Bhd in April 2013.The agreement offered a minimal return of RM1.3 billion over a period 20 years.

Saying that the deal between Tropicana and Eco World had given it "new perspective", Selangor Menteri Besar Tan Sri Abdul Khalid Ibrahim said in a statement yesterday " since Tropicana has realised the land's full potential from the sales, the state too, will do the same".

"We hope that Tropicana will expedite the full payment so that we can then channel the RM844.2 million funds to implement various other property development and social programems for the benefit of the people of Selangor," he said.

Khalid added that state government will give its full cooperation to Tropicana and Eco World Development in obtaining the relevant approvals from the local authorities to ensure that their development plan follows through.
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by **Cals** Thu 27 Mar 2014, 08:21

selangor need manies

Selangor MB asks for RM844.2m from Tropicana Corp

Selangor MB asks for RM844.2m from Tropicana Corp

Re: Selangor MB asks for RM844.2m from Tropicana Corp