HONG Leong Properties and Selangor Properties of Malaysia say they will team up to undertake a major new real estate development at a prime location in Kuala Lumpur. They plan to develop offices, a hotel, serviced flats, condominiums and a commercial complex on land in Damansara Heights, one of the city's most exclusive residential areas. Hong Leong and Selangor will be joint partners in a firm called Oriland, which will have a paid-up capital of M$33.5 million (about HK$100 million). Oriland will in turn buy several plots of land totalling 958,320 square feet from a subsidiary of Selangor, Bungsar Hills Holdings for $335.41 million. Hong Leong said 10 per cent of the purchase price would be paid on signing of the acquisition agreement, while the balance would be paid in 16 quarterly instalments over five years.
