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Property development to fuel new revenue for F&N
May 09, 2012
Fraser & Neave Holdings Bhd (F&N) will get a new source of revenue as it will engage in a RM1.6 billion mixed-use project within its former dairy premises in Section 13, Petaling Jaya.
The development will be launched in June 2013 and the revenue will likely stream for its financial year ending 30 September 2016.
"Currently this 13-acre land houses F&N's dairies production plant. Site preparation works will begin this September, and will see a mixed development which consists of an F&N tower, a hotel, offices, retail outlets and residential suites by June 2013," said Datuk Ng Jui Sia, Chief Executive Officer of F&N.
The development will be F&N's venture with FCL Centrepoint Pte Ltd, a subsidiary of Singapore's leading residential developer, Frasers Centrepoint Ltd (FCL).
F&N has divested 50 percent interest into the land to FCL, as well as recognised RM55 million in the quarter ending 31 March this year, which is half of the total capital gain of RM110 million.
Meanwhile, the F&N Dairies Malaysia has started production of its new Pulau Indah facilities located in Klang while the shift from its plant in Section 13 to Pulau Indah will likely be completed by September.