Hi All!!
This is my first post after having followed this forum for almost a year.
I have been posting in Horizon Hills facebook page for a while, and now it's turn to contribute to this wonderful forum.
My first post will be about Leisure Farm and its road access.
Some facts first: UEM Land has not interest whatsover in the 2,200 acres in Medini. A bit of history...Originally, the Nusajaya's 24,000 acres were owned by UEM Land. In 2007, due to its high debt, UEM land sold about about 4,500 acres of Nusajaya lanbank to Khazanah (Malaysia's sovereign wealth fund). Subsequentlly, Khazanah incorporated the land into its new subsidiary: Iskandar Investment Bhd.
At the end, Khazanah remains the ultimate shareholder of both UEM Land and Iskandar Investment Bhd.
Among the lands injected into Iskandar Investment Bdh are: Medini (2,200 acres), Educity (300 acres), International Destinatation Resort (2,300 acres) and some smaller plots.
Now, let's turn to UEM Land. Currently, UEM Land landbank is concentrated in two main areas:
1- Puteri Harbour (including Residential South, Residentail North and D'estuary) with total GDV of MYR 12 Billion.
2- Gerbang Nusajaya (next to leisure farm and second link checkpoint) with Gross Development value of MYR 18 Billion
As far as HH is concerned, given UEM Land's 50% equity interest, and having regard 35% is sold out, the oustanding GDV to UEM Land is less than MYR 1 Billion.
As for Ledang, with Ledang Heights fully sold, and East Ledang having sold quite well, the outstanding GDV is quite small compared to Puteri Harbour and Gerbang Nusajaya.
Based on the above, UEM Land main interst is to develop Gerbang Nusajaya (as announced by its CEO), and there is no intention whatsover to hold back this launch until HH units are sold, given the limited contribution of HH to UEM Land bottom line.
Now, for LF folks, the rationale expalained in the earlier posts is correct, as Khazanah, being the owner of Plus Expresseways, UEM Land and Iskandar Investment, would prefer to develop the existing UEM Landbank.
The point that was missing is that UEM Land has no choice but to open up Gerbang Nusajaya where 4,500 acres are located. And given that LF is just next to Gerbang Nusajaya, Khazanah can not hold anymore the opening of LF access road, as it would would go against its own interest.
On the same line, in order to improve the connectivity of Medini, specially the wellness township of Temasek, Khazanah has decided to extend the coastal highway from the current roundabout near legoland to the Pelepas Interchange (the first interchange after paying toll in Malaysia). With this extension, Leisure Farm will gain another access road, yet again, thanks to the interest of third parties.
At the end, leisure farm will have two access road, one direct access from Second Link thanks to Gerbang Nusajaya and the second one from the extension of the costal highway (which will connect to Pelpas interchange) thanks to Temasek (Wellness township at Medini)
I believe this is enough info for my first post!!
Adios!!
