BJAssets ... Sep10

Berjaya Assets Bhd is now in the midst of taking over the development of Lido Boulevard, the multibillion ringgit integrated waterfront development project by Central Malaysia Properties Sdn Bhd (CMP).

The exercise is likely to be completed within the next six months, after which work on the project is expected to start almost immediately after being delayed for quite sometimes.

Apart from the strong financial backing from the conglomerate BJCorp, Lido Boulevard would benefit from Berjaya’s marketing experience to market the property to local and foreign buyers.

The flagship project by CMP, a company linked to business tycoon Tan Sri Vincent Tan Chee Yioun, is a joint-venture between CMP and Johor State Secretary Inc. The latter is an investment holding company of the Johor state government, which is also the land owner.

Tan owns 60% equity in CMP while the remaining 40% is held by CMP managing director Datuk Chan Tien Ghee. Both Tan and Chan made headlines recently when they bought over the Welsh’s Cardiff City Football Club.

CMP had in March 2010 awarded a deal worth RM238.6mil to the Belgium-based dredging company Jan De Nul to carry out reclamation works on the site. The works would take about 15 months to complete, once completed; about 38.11ha would be reclaimed land while 11.39ha would be on a piled concrete desk.

Located on 49.51ha, the project will be developed in phases stretching 2.4km along the Tebrau Straits from the now the defunct Lot One shopping complex to the Harbour Master’s office. The project comprises four main components – luxury condominiums, waterfront office suites, a hotel and a shopping mall. Lido Boulevard, with a gross development value of RM4bil, is expected to take shape by 2016 and it will completely rehabilitate Lido Beach and give Johor Baru a facelift.