In a filing with Bursa Malaysia today, Berjaya Corp said the 2.1 hectare land was the last waterfront undeveloped area in Yokohama City situated in the vicinity of key city landmarks such as Yokohama Landmark Tower and Yokohama Museum of Art.

Based on the preliminary studies by the BY-TMK management on the land, the company may develop a Four Seasons Yokohama Harbour Edge project comprising a luxury hotel and upscale residences, aquarium and retail outlets with an estimated gross development cost (including the land acquisition cost) of about 101.54 billion yen (RM3.28 billion), it added.

Berjaya Corp, founded by major shareholder Vincent Tan, said the estimated gross development value of 138.17 billion yen (RM4.46 billion) was to be recognised over the duration of the project.

It added that the project would be developed over four years and is expected to be funded via bank borrowings and/or internal funds.

Berjaya Corp said the proposed acquisition and development would contribute positively to the future earnings of the group.

Its share price fell half-a-sen to 29 sen today, giving it a market capitalisation of RM1.76 billion.