Genting Malaysia Acquires Prime Real Estate Properties In Miami

KUALA LUMPUR, May 27 (Bernama) - Genting Malaysia Bhd's subsidiary, Bayfront 2011 Property, LLC, has purchased land of approximately 5.62 hectares (13.9 acres) in Miami, the United States (US), for a total consideration of US$236 million for a mixed-use development. The land includes the building currently housing The Miami Herald Media Company and an adjacent parking lot, Genting Malaysia said in a statement.

The seller, The McClatchy Company, is the third-largest newspaper publisher in the US and is listed on the New York Stock Exchange. It is also the parent company of the Miami Herald. The acquisition also involves large prime freehold waterfront properties facing the scenic Biscayne Bay. Genting Malaysia is working towards developing a comprehensive master plan for Resorts World Miami, as the development will be called. It will include a hotel, convention, entertainment, restaurant, retail, residential and commercial facilities.

The project aims to capitalise on Miami's standing as one of the world's leading tourism hubs. "Resorts World Miami will be a landmark mixed-use development for Miami, Florida and the United States," said Tan Sri Lim Kok Thay, Chairman and Chief Executive of Genting Malaysia. The acquisition is an integral step for Genting Malaysia as it seeks to expand internationally in the leisure, hospitality and entertainment industry. The envisioned Resorts World Miami represents Genting Malaysia's second venture in the US, after Resorts World New York, at the historic Aqueduct Racetrack in the City of New York.

-Bernama.

-www.gentingmalaysia.com