KUALA LUMPUR (Dec 28): A unit of Berjaya Corp Bhd (BCorp) is acquiring six parcels of freehold land collectively measuring about 20,977.15 square metres in Yokohama, Japan, for ¥12.66 trillion (RM408.82 million) cash.

BCorp said its wholly owned subsidiary Berjaya Yokohama Hospitality Asset TMK is contemplating the development of a Four Seasons Yokohama Harbour Edge project on these lands, comprising a luxury hotel and upscale residences, aquarium and retail outlets.

The estimated gross development cost, including land acquisition cost, amounts to about ¥101.54 billion (RM3.28 billion), while the estimated gross development value is ¥138.17 billion (RM4.46 billion).

BCorp said the project is expected to be developed over a period of four years and funded by bank borrowings and internal funds.

These lands are the last waterfront undeveloped area in Yokohama City situated in the vicinity of key city landmarks of Yokohama such as Yokohama Landmark Tower and Yokohama Museum of Art, the group said in a Bursa Malaysia filing on Wednesday (Dec 28).

The proposed acquisition is not subject to BCorp shareholders’ approval.

Shares of BCorp closed half a sen or 1.7% lower at 29 sen, giving it a market capitalisation of RM1.73 billion.

Source: EdgeProp, 28 December 2022.