Felcra eyes property development

After venturing into the rubber plantation business, Felcra Bhd is now looking at property development to further strengthen its financial position.

Juzilman Basir, CEO of the government agency, said for a start, Felcra would be developing a 4.5-acre site in Jalan Semarak, Kuala Lumpur.

"We will be carrying out a mixed development project in the area with an estimated investment of more than RM520 million," he told reporters after a Hari Raya gathering here yesterday.

Juzilman said the project will also include the development of Menara Felcra, an office tower, apartments, a hall and business centre.

The project is expected to see a return of more than RM200 million when fully completed.

"Once it becomes a reality, in terms of real estate its value could go up to RM1 billion," he said.

Felcra is also planning to set up Kolej Felcra in Perak and is looking into establishing a subsidiary company to set up the college.

Juzilman said the move would be able to partly help the children of Felcra participants who have not been able to pursue their studies elsewhere. — Bernama