By Sharen Kaur
FUNDING FOR MEGA PROJECTS: Arabs seeking a majority stake in company's developments, say sources
TRADEWINDS Corp Bhd's major shareholder is in talks with rich Arab investors to help fund its developments in Kuala Lumpur, Johor and Langkawi, sources said.
Negotiations are currently centred on the Arabs seeking a majority stake in the developments, they added.
The investors are also asking for a minority interest in Tradewinds, a property development and investment group controlled by Tan Sri Syed Mokhtar Al-Bukhary.
"Tradewinds has several projects, including sizeable landbanks in Johor and Langkawi which it plans to develop over the next five to seven years. The shareholder, however, does not want to borrow from banks and prefers Arab money.
"In return, the Arabs want to control the developments that they fund and have a minority interest in Tradewinds. The terms and conditions and methods of funding are being discussed," a source told Business Times.
Tradewinds' existing projects include the upgrading of Menara Tun Razak and the development of Tradewinds Centre at Jalan Sultan Ismail, both of which are projected to cost over RM4 billion, the source said.
The group is demolishing the 40-year-old Crowne Plaza Mutiara Hotel and 33-year-old Kompleks Antarabangsa to make way for the Tradewinds Centre, which has an estimated gross development value of more than RM7 billion.
Tradewinds has said it will redevelop the 2.8-hectare site on its own over seven years.
The project will comprise Grade A+ offices, a 24-storey corporate block, a large-scale 14-storey medical centre, retail offices, serviced apartments and hotel.
The centrepiece will be a 65-floor skyscraper and 54-storey residences, complimented by a central plaza.
At Menara Tun Razak, Tradewinds is upgrading the 35-storey office tower and constructing a new 40-storey office tower adjacent to it.
Meanwhile in Langkawi, Tradewinds owns about 60 hectares of land there, which has been earmarked for mixed tourism-related developments.
It also has a 360ha landbank in Iskandar Malaysia, Johor.
Negotiations are currently centred on the Arabs seeking a majority stake in the developments, they added.
The investors are also asking for a minority interest in Tradewinds, a property development and investment group controlled by Tan Sri Syed Mokhtar Al-Bukhary.
"Tradewinds has several projects, including sizeable landbanks in Johor and Langkawi which it plans to develop over the next five to seven years. The shareholder, however, does not want to borrow from banks and prefers Arab money.
Tradewinds' existing projects include the upgrading of Menara Tun Razak and the development of Tradewinds Centre at Jalan Sultan Ismail, both of which are projected to cost over RM4 billion, the source said.
The group is demolishing the 40-year-old Crowne Plaza Mutiara Hotel and 33-year-old Kompleks Antarabangsa to make way for the Tradewinds Centre, which has an estimated gross development value of more than RM7 billion.
Tradewinds has said it will redevelop the 2.8-hectare site on its own over seven years.
The project will comprise Grade A+ offices, a 24-storey corporate block, a large-scale 14-storey medical centre, retail offices, serviced apartments and hotel.
The centrepiece will be a 65-floor skyscraper and 54-storey residences, complimented by a central plaza.
At Menara Tun Razak, Tradewinds is upgrading the 35-storey office tower and constructing a new 40-storey office tower adjacent to it.
Meanwhile in Langkawi, Tradewinds owns about 60 hectares of land there, which has been earmarked for mixed tourism-related developments.
It also has a 360ha landbank in Iskandar Malaysia, Johor.
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