London hotel buy based on market price, says Isa

The Grand Plaza Serviced Apartment in Bayswater, London. - October 24, 2013lFelda chairman, Tan Sri Mohd Isa Abdul Samad, said the corporation's purchase of the Grand Plaza Serviced Apartments in London was made based on the market price.

"The purchase was made by Felda Investment Corp and not Felda Global Ventures," he told reporters today.

Also present were Kedah Menteri Besar Datuk Mukriz Mahathir, Minister in the Prime Minister's Department Datuk Seri Jamil Khir Baharom and the Barisan Nasional candidate for the by-election for Sungai Limau state seat, Dr Ahmad Sohaimi Lazim.

He refuted claims by DAP Secretary-General Lim Guan Eng last night that Felda paid the inflated price of £97.9 million (RM495 million) when the market price was only £80 million (RM408 million).

Lim, who is also Penang Chief Minister, had said the purchase was not beneficial to the company.

Isa (pic) accused Lim of making up the story on the property purchase as this was not the first time Felda had bought properties in London.

"Actually, prior to the purchases of the Grand Borneo Hotel in Kota Kinabalu and Grand Plaza in London, we already have eight hotels," he said.

He, however, declined to reveal their locations.

Isa said it was not a problem for Felda to buy another hotel as it has been in this business and it would continue to do so. - Bernama,