Permodalan Negeri Selangor Bhd (PNSB) has revealed ambitious plans to utilise two plots of land in the state, thereby squashing criticism that it has bought into a non-profitable venture.

NONE CEO and director Ahmad Omar (left) said today that the plots in Bukit Beruntung 2 and Bestari Jaya would be used for integrated development projects.

This was to rebut MCA central committee member Chua Tee Yong’s claim that PNSB had become saddled with a RM316 debt in buying land, including plots that are under water.

The two plots were acquired for RM450 million, as part of a debt recovery exercise involving Talam Corporation Bhd.

PNSB said it intends to rename Bukit Beruntung 2 as Beruntung Parkland, while Bestari Jaya will become Bestari Lakeside.

"We plan to transform the area into a premium development (project),"Ahmad told a public briefing on the debt restructuring exercise.

In his multimedia presentation on the 1,275 acres of land at Bukit Beruntung 2, he said there are plans to construct affordable housing schemes and an upmarket gated-residences, as well as industrial units.

NONE The 1,312-acre plot in Bestari Jaya will incorporate an aquatic academy, among other projects, as it is surrounded by nature, Ahmad said.

However, PNSB is only looking at starting the projects in about four years.

"If we start work now, we are looking at a profit of RM400 million to RM500 million for the respective locations," he said.

He added that the loan taken by the company to buy the plots of land will not affect its financial capacity.