Berjaya Corporation Berhad through its 100%-owned indirect subsidiary, Berjaya Yokohama Hospitality Asset TMK had on entered into a Land Sale and Purchase Reservation Agreement with the City of Yokohama for the proposed acquisition of 6 parcels of freehold land.
The land measuring in aggregate about 20,977.15 square metres (“sqm”) located in Minato Mirai, Nishi District, Yokohama, Japan from the Vendor for a total cash consideration of about JPY12.657 billion (equivalent to approximately
RM408.82 million) or equivalent to approximately RM19,489 per sqm.
The strategically located land is also the last waterfront undeveloped area in Yokohama City situated in the vicinity of key
city landmarks of Yokohama such as the Yokohama Landmark Tower and Yokohama Museum of Art. It is also located at the northern end of Minato Mirai and about 33 kilometres due south of Tokyo City.
The acquisition is part of the group, Yokohama Project which is expected to be developed over a period of about 4 years and the development is expected to be funded via bank borrowings and/or internal funds.