Wednesday February 20, 2008
UM poised to earn RM312mil from land deal
PETALING JAYA: Universiti Malaya (UM) has proposed to develop 11.13ha of its land bank through a joint venture that could earn the university at least RM312mil.
UM deputy vice-chancellor (academic and international relations) Prof Datuk Dr Mohd Amin Jalaludin said the land would be developed to benefit staff and students.
“UM is not selling the land. It still belongs to us. All the money received will go to the university. No individual will benefit from the project,” said Prof Amin, who is acting vice-chancellor. (Vice-chancellor Datuk Rafiah Salim is overseas.)
In a statement yesterday, UM said “it would utilise the land in the most beneficial manner to support our research and educational facilities and infrastructure”.
It had identified an “under-utilised area” (Lot 10476) for development.
Five companies submitted proposals to be the joint venture partner with PPC-MINT-GLOMAC getting the nod.
“The successful completion of the development project is expected to provide UM with a minimum income of RM312mil or the land value of RM200mil plus a share of the developer’s profit, whichever is higher,” the statement said.
Prof Amin said UM had sought approval from Higher Education Minister Datuk Mustapa Mohamed on Jan 25 for the development.
UM has set up UM Holdings Sdn Bhd to develop the university’s assets, including its 365ha land bank, headed by Bernama chairman Datuk Seri Mohd Annuar Zaini.
Other members of UM Holdings are Prof Emeritus Tan Sri Dr Augustine Ong, Anuar Mohamad, Azhar Haron and Prof Dr Muhamad Zakaria.
In June last year, Prime Minister Datuk Abdullah Ahmad Badawi quashed rumours that UM would be relocating to Sepang, saying that the university’s campus had historical significance.
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