'It's like buying land in Monopoly.'
Looks like the style of Tan Sri Vincent Tan Chee Yioun ends 2022 and enters 2023 in style when Berjaya Corp Bhd's (BCorp) subsidiary will have assets worth RM408.82 million in Japan.
A subsidiary of Yokohama Hospitality Asset TMK (BY-TMK) is reported to be holding sales and purchase discussions in Yokohama City to acquire 6 plots of land (approximately 2.1 hectares) there.
It is understood that the land is located in an undeveloped waterfront area, close to the city's main landmarks such as the Yokohama Landmark Tower and the Yokohama Museum of Art.
According to a company filing, BY-TMK plans to develop the area under the Four Seasons Yokohama Harbor Edge Project which includes a hotel as well as luxury residences and an aquarium including retail outlets.
It is estimated to cost around RM3.28 billion, including land acquisition costs, and is expected to be completed within 4 years.
Also commented in the filing, the estimated gross development value is around RM4.46 billion and will be financed through bank loans and/or internal funds.
It turns out that 2023 is going to be a busy year for Tan Sri Vincent and BCorp with the acquisition of land in Japan and plans to buy a financial firm licensed by Bank Negara Malaysia.
As of this writing, BCorp shares are trading up 3.45% at 30 sen with a market capitalization of RM1.76 billion.
