KUALA LUMPUR: State-owned strategic development company 1Malaysia Development Bhd (1MDB) has launched a tender exercise for a 318-acre (129ha) piece of land in Pulau Indah, Selangor.

In a statement yesterday, 1MDB said potential purchasers are invited to register their interest in Savills (M) Sdn Bhd, which is advising 1MDB on the exercise.

“The 1MDB land parcel in Pulau Indah is on a single large development site, measuring approximately 318 acres. It is adjacent to the Port Klang Free Zone and other industrial developments,” the company added.

The proposed land sale forms part of 1MDB’s rationalisation plan, which was presented to the Cabinet on May 29 this year.

“1MDB is pleased to update that the overall plan is proceeding smoothly, with shortlisted bidders currently conducting detailed due diligence on Edra Energy (Edra Global Energy Bhd) and Bandar Malaysia respectively,” it said.

1MDB had earlier purchased the Pulau Indah land from Tadmax Resources Bhd at a revised price of RM294.38 million.

According to Tadmax’s announcement to the stock exchange in December 2014, the price was revised from the original RM317.33 million.

1MDB had acquired the leasehold tract via its wholly-owned subsidiary Ivory Merge Sdn Bhd.

This article first appeared in The Edge Financial Daily, on September 22, 2015.