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Business
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February 19, 2008 22:04 PM |
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UM Seeks Approval To Sell Underutilised Land
KUALA LUMPUR, Feb 19 (Bernama) -=
- Universiti Malaya (UM) said today it has submitted a proposal to the =
Ministry of Higher Education to develop under-utilised land of 27.5 acre=
s (11 ha) out of 900 acres (360 ha) of its main campus land.
The successful completion of the development project is expected to prov=
ide UM with a minimum income of RM312 million or the land value of RM200=
million plus a share of the developer's profit, whichever is higher, UM=
said.
It said in a statement that the Vice Chancellor, Datuk Rafiah Salim, on =
behalf of the university's Board of Directors (UMBD) and the university,=
sought the approval of the Minister on Jan 25 for the development proje=
ct.
The project, under a private-sector initiative, will be undertaken by a =
consortium by the name PPC-MINT-GLOMAC.
PPC-MINT-GLOMAC, a result of a merger of two companies, was recommended=
by Colliers International Property Consultants Sdn Bhd, which the unive=
rsity had appointed for an independent assessment.
The two companies were from the three shortlisted by Colliers Internati=
onal to make presentations to UM Holdings Sdn Bhd Board of Directors (UM=
HBD)on Sept 27, 2007. Initially, eight developers were invited to submit=
proposals for the development but only five submitted proposals.
Colliers International was appointed by UM Holdings, a wholly-owned sub=
sidiary of UM that was incorporated in line with the government's plan f=
or public universities to be financially independent.
UMBD has appointed Datuk Seri Panglima Mohd Annuar Zaini to the board of=
UM Holdings and to chair with the aim to fulfil the corporate aspirati=
ons of the university.
UMHBD also comprises Emeritus Professor Tan Sri Dr Augustine Ong, Annuar=
Mohamad, Azhar Harun and Professor Dr Muhammad Zakaria.
Among the roles of UM Holdings is to plan, identify, explore, conserve, =
develop and enhance the university's assets.
The university disclosed that UM Holdings had received many proposals f=
or various types of development and projects. Several parcels of land we=
re identified, and the 11 ha of land on Lot 10476 were chosen.
The university said the PPC-MINT-GLOMAC consortium, which made a present=
ation to UMBD on Oct 9, 2007, drew attention to the presence of the prop=
osed University of Malaya Alumni Association (PAUM) clubhouse and the PA=
LAPES (Reserve Officer Training Unit) camp on the land to be developed.<=
br />
"This will affect the Master Plan of development of the consortium in re=
lation to the land.
"UMBD acknowledged the concern of the consortium and recognised the need=
for UM to obtain optimum benefit to all in regard to the development of=
the land.
"With this in mind, UMBD recognised that both the PALAPES camp and PAUM'=
s clubhouse need to be relocated to sites to be identified by UM," it sa=
id.
It also said that on Dec 13, 2007, UMBD said that subject to agreement b=
y PAUM, the site for the building of PAUM's clubhouse and the PALAPES ca=
mp will be relocated to sites identified by UM.
"UM gives the assurance that this development will be transparent and al=
l processes and procedures will be observed, and decisions made will be =
based on independent professional advice.
"Evaluations and recommendations are made by UM Holdings and UMBD but th=
e final approval rests with the Government," it added.
-- BERNAMA
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