PNB Development eyeing land in city areas

KUALA LUMPUR: PNB Development Sdn Bhd, the property development arm of Permodalan Nasional Bhd, plans to increase its landbank in city areas, said chief executive officer Mohd Salem Kailany.

The company’s owned 4,046 hectares of land, 95 per cent of which was located outside the city while the remainder was situated within city limits.

“What we are trying to do is to rebalance our portfolio...we will be growing that portion (city land),” he told reporters after announcing a sales and purchase agreement with Area Management Sdn Bhd to sell a land in Kota Seri Langat, Selangor for RM320 million yesterday.

The land would be developed by Area to become a RM4 billion premium logistic and manufacturing hub.

Mohd Salem said compared with sub-urban land which was taking a longer time to be developed, urban land can be developed faster and for a wider variety of development.

He added that the company was constantly on the lookout to expand its landbank but it was in no hurry to do so as over 60 per cent of its current landbank was still not developed.

The company’s development, among others, included Kota Seriemas, Bayu Lakehomes, Desa Pinggiran Bayu and Bagan Pinang in Negeri Sembilan, and Morib Beach Resort and Telok Datok in Selangor. — Bernama