Bangi Resort & Development Corp Sdn Bhd (BRDC) is selling a premier leasehold residential site covering 26.66 acres within Bangi Golf Resort (BGR) for development purposes.
The land, which consists of 49 parcels, is believed to be worth about RM90 million. The price range for bungalow lots at the resort during the preceding five years has been between RM90 and RM100 per square foot.
People with knowledge of the matter said that BRDC is selling the land to unlock its value.
"This is the first time a large tract is being sold within BGR. For a long time, BRDC stopped developing land. They are focusing on managing the hotel, resort, and golf course within BGR, all of which, are doing well.
"They desire the land parcels to be developed by a respected developer. The choices for developers are two. The first is a straight-up land sale. Forming a joint venture with BRDC is the second choice," said a source close to the company.
BRDC, founded in 1990, oversees a portfolio in Bangi that includes hundreds of acres of land. Kompleks Diamond, Bauhinia link houses, Elinia Residences, and Alpinia bungalows in Bandar Baru Bangi were all developed by the company.
BGR is located in the heart of Bandar Baru Bangi and is one of the most affluent Malay majority suburbs in the country. Spread over 600 acres of lush green space, the resort houses the Bangi Golf Resort clubhouse, the five-star Bangi Resort Hotel with 256 rooms, and a 27-hole golf course.
Within BGR, there are completed bungalows with unique designs and construction, occupied by their owners.
Regarding the 49 parcels for sale, some of them front the golf course while others have views of the bungalows. The plots are subject to a long lease, with some expiring in 2093 and others in 2103.
Henry Butcher Real Estate (HBRE) Sdn Bhd is acting on behalf of BRDC to identify an experienced and capable property developer to buy the land, via an expression of Interest (EOI).
The EOI exercise will start on August 8. The closure date for the EOI exercise is set for September 30, 2022.
According to Tang Chee Meng, chief operating officer of HBRE, the land is zoned for residential use and has been subdivided for the construction of detached houses.
However, the developer can request to convert the site for a mixed development that includes terrace/link houses, semi-detached homes, or bungalows.
He said in a statement that it is nevertheless subject to the present maximum density of 24 units per acre as set forth by the pertinent municipal authorities.
Tang is confident that the area would draw developers because of its favourable location.
Bangi's town centre is about 5 minutes from BGR. Sunway Property, Mah Sing, IOI Properties, UEM Sunrise, and PKNS are a few of the larger developers in the region.
Tang said BRDC is also building new infrastructure in the resort.
"More access to the resort region is being provided through the construction of new highways and the enlargement of existing routes," he said.
Additionally, the KTM Komuter Kajang 2 station, which is 5.8 kilometres away from BGR, is scheduled to be completed by the end of September this year.
According to Tang, plans are also being made for the Bangi-Putrajaya Expressway, which will improve access to Bangi town.