Wednesday, June 13, 2007

GuocoLand In Bid
To Develop UM Land?

GUOCOLAND (Malaysia) Bhd, a property developer controlled by Tan Sri Quek Leng Chan, has made a bid to relocate University Malaya from Petaling Jaya to Sepang, sources said yesterday.

As part of the plan, GuocoLand will then own the land in Petaling Jaya and develop it into a commercial and residential township. The proposal is based on a private finance initiative.

A company source said such a development is estimated to have a gross development value of RM10 billion.

GuocoLand officials declined to comment on the plan.

If the bid is approved, the development in Petaling Jaya will complement GuocoLand's planned RM1.2 billion Damansara City development project.

The Damansara project is due to be launched this year.

Guocoland's share price rose by 30 sen or 10 per cent to close at a 10-year high of RM3.26 yesterday. The stock has gained 87.3 per cent over the last six trading days.

GuocoLand has a 4,860-hectare landbank in Sepang. Part of the land is being used by GuocoLand to develop the Pantai Sepang Putra project, where it plans to build seafront villas and waterfront bungalows.

A Hong Leong Group spokesperson also declined comment.

University Malaya, the country's oldest university, has its main campus that sprawls from the heart of Petaling Jaya right up to the footsteps of Bangsar. -

From Wikipedia:

The University of Malaya (or commonly abbreviated as UM) is the oldest university in Malaysia, and is situated on a 750 acre campus in southwest Kuala Lumpur, the capital city. It is widely recognised as the top university in Malaysia, and many prominent Malaysians are alumni of UM. -


Are we going to allow this to happen? What will UM’s student bodies and alumni say about this?

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