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Friday, 23 February 2018

(The Edge Financial Daily) Pavilion’s Desmond Lim eyes Subang Skypark

Property magnate Tan Sri Desmond Lim is allegedly planning to buy a 60% stake in Subang Skypark Sdn Bhd for an undisclosed sum, with intentions to redevelop the land surrounding Sultan Abdul Aziz Shah Airport in Subang, where the company has a long sub-lease concession agreement with Malaysia Airports Holdings Bhd (MAHB) to operate its city airport terminal and integrated commercial and business aviation hub, reported The Edge weekly.

Lim is said to be earmarking parcels within the site for low-rise development such as malls, considering that the land will not have a high plot ratio given its proximity to the airport.

It is unclear how the billionaire will proceed with the acquisition, as he may either take up the stake privately or via his listed construction and property development group WCT Holdings Bhd, where he holds a 19.57% share, said sources.