KUALA LUMPUR (July 31): Tan Sri Syed Mokhtar Albukhary's Tradewinds Corp Bhd has acquired a 5ha (12.2 acre) land along Jalan Belfield here for RM258 million cash. A portion of the tract has been initially earmarked for a RM3.8 billion residential project.

In a statement today, Tradewinds Corp group managing director Datuk Wira Azhar Abdul Hamid said the land acquisition would be funded by internally-generated funds.

“The development of the first parcel of 9.3 acre with a gross development value of RM3.8 billion will comprise high quality residences centered on a niche eco-friendly retail component.

"Construction on phase 1 will commence early next year and the project will be open for sales shortly after," Azhar said.

Tradewinds Corp was delisted from Bursa Malaysia in September 2013 following the privatisation of the company.

Today, Azhar said Tradewinds had a market-driven strategy of developing properties to cater to the evolving and discerning desires of Malaysians.

He said development of the Jalan Belfield land near Istana Negara would unlock the value of the tract, which has been earmarked for a six-phase development.

“Tradewinds Corp will develop properties synonymous with exemplary quality, well-conceived designs and efficient layouts while delivering excellent value to buyers.

“Our six-phase Belfield development perfectly aligns with this approach. Its location along Jalan Belfield and the proximity to several mega projects and the city centre will help unlock significant value and establish bankability for our potential buyers,” he added.