Business | Property
BSEL could invest $4.6b in Malaysia
BSEL Infrastructure Realty Ltd., an Indian property developer, may invest 15 billion ringgit ($4.6 billion) over 12 years in Malaysia's so-called Iskandar Regional Development in the southern state of Johor.
- Bloomberg
- Published: 00:16 May 19, 2008
Singapore: BSEL Infrastructure Realty Ltd., an Indian property developer, may invest 15 billion ringgit ($4.6 billion) over 12 years in Malaysia's so-called Iskandar Regional Development in the southern state of Johor.
BSEL has signed an initial agreement to develop projects in the area, the Iskandar Regional Development Authority said in a statement on Sunday. The authority will seek approvals from various authorities to facilitate Mumbai stock exchange-listed BSEL's projects, it said.
BSEL, which has information technology park projects in India and builds shopping malls, is developing a project for 70 million square feet in Iskandar over three phases, the development authority said.
Tax exemption
BSEL would invest 2 billion ringgit initially, and then 4 billion ringgit and 9 billion ringgit later, the Iskandar authority said.
Developers in the Iskandar region will be exempt from paying income tax until 2015 on earnings from land sales and until 2020 on income from the rental or sale of buildings, the Iskandar Regional Development Authority said on October 9 last year.
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