13 hours ago
- Business
- New Straits Times
Berjaya Land enters Greenland with RM170mil apartment project
KUALA LUMPUR: Berjaya Land Bhd, a subsidiary of Berjaya Corporation, is making its first foray into Greenland with an apartment project in Nuuk, marking the group's expansion into the Arctic region.
This strategic move aligns with Berjaya's long-term vision of global diversification and builds on its 2019 acquisition of a 75 per cent stake in Icelandair Hotels ehf for RM223.1 million, strengthening the group's presence in the North Atlantic tourism corridor.
Through close engagement with the Municipality of Nuuk, Berjaya Land identified a pressing housing shortage in the city. In response, its wholly owned subsidiary, Berjaya Greenland Invest A/S, secured land parcels to develop high-quality residential apartments tailored to Greenland's climate and infrastructure requirements.
In a major step forward, Berjaya Land today signed a Memorandum of Understanding (MoU) with SIBS Sdn Bhd (SIBS), a Sweden-based modular construction company with a manufacturing facility in Penang. The partnership will leverage SIBS' advanced modular housing systems to deliver climate-resilient homes more efficiently and cost-effectively.
"We are excited to move forward with this collaboration, which marks a key milestone in our efforts to deliver modern, practical housing solutions that meet real community needs," said Syed Ali Shahul Hameed, group chief executive officer (CEO) of Berjaya Land.
He said the first phase of the development will feature 66 apartment units housed in two- to four-storey blocks, with a projected gross development value (GDV) of RM170 million.
Syed Ali said that this project reflects Berjaya Land's broader vision of creating high-quality developments that are efficient, adaptable, and built with a long-term impact in mind.
"Modular construction offers a smart and timely approach, allowing us to deliver faster and cost-effective homes while supporting local capacity-building. Our focus remains on developing spaces that not only serve today's needs but also lay the groundwork for resilient, connected communities in the years ahead."
The housing initiative is currently in the planning and design phase, with launch targeted later this year.
Beyond improving housing access, the project is expected to generate meaningful economic benefits, including job creation, local contractor involvement and long-term urban growth, Syed Ali said.
He revealed that Berjaya Land is actively collaborating with the Municipality of Nuuk to explore the next phase of development, which may include a hotel and hotel residences to support Greenland's expanding tourism industry.
With the opening of Nuuk's new international airport in November 2024, the city is set to emerge as a major Arctic destination, said Syed Ali.
He added that Berjaya Land's planned hospitality investment aims to meet this anticipated demand while upholding strong principles of cultural sensitivity and environmental sustainability.
