Astral To Develop RM2.8 Billion Kuantan High-Tech Park

obmar · Site Admin Joined: 14 Apr 2006 Posts: 5697

September 25, 2007 20:51 PM

Astral To Develop RM2.8 Billion Kuantan High-Tech Park

KUALA LUMPUR, Sept 25 (Bernama) -- Astral Asia Bhd plans to develop the estate in Pahang which is owned by its 65 percent-owned subsidiary, into a mixed development project with a gross development value of RM2.8 billion.

In a filing to Bursa Malaysia here Tuesday, Astral said the proposed development, to be known as Kuantan High-Tech Park, would include a high-tech industry park, a commercial centre, an industrial research centre, a mixed residential designs, public amenities and excellent infrastructures.

It said the 749.3-hectare estate, known as Ladang Bukit Kuin, was currently planted with matured oil palm and was due for replanting.

Astral said the subsidiary, Syarikat Ladang LKPP Sdn Bhd, would jointly develop the estate with its wholly-owned subsidiary Tasja Development Sdn Bhd.

"Preliminary studies conducted by the group suggest that the project will enhance the value of the land and will yield better returns compared with the existing land usage.

"The land is well supported by surrounding infrastructures like the East Coast Highway, the Kuantan port and airport and Gambang Technology Park.

"It is expected to take about 15 years to complete," it said.

-- BERNAMA