Plantation Assets Portfolio

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DETAILS OF THE PLANTATION ASSETS AS AT 31 DECEMBER 2008

Assets

Titled land
Area (ha)

Tenant

Tenancy period Annual rental Existing use
Date of acquisition
Cost of acquisition
(RM'000)
Last valuation¹
(RM'000)
Carrying value
(RM'000)
%

Bekoh Estate
Located 13 km north west of Tangkak town, Muar, Johor


1,226.1


Boustead Sungai
Manar Sdn
Bhd


3 years

3,350

Cultivation of palm oil

29
December 2006

33,510

48,000

48,000

5.77

Malaya Estate
Located within the precinct of Kubu Gajah, Selama, Perak


922.4


Boustead Silasuka
Sdn Bhd


3 years

2,164

Cultivation of palm oil

29 December 2006

20,770

36,000

36,000

4.33

Kulai Young Estate
Located along Jalan Alor Bukit, 15 km north of Pekan Nenas town, Johor


803.0


Boustead Sungai
Manar Sdn
Bhd


3 years

2,574

Cultivation of palm oil

29 December 2006

40,850

51,500

51,500

6.20

Bukit Mertajam Estate
Located along the Kulim-Mahang main road and Batu Puteh-Labu Besar main Road, Kulim, Kedah


2,173.2


Boustead Silasuka
Sdn Bhd


3 years

6,983

Cultivation of palm oil

29 December 2006

96,970

109,000

109,000

13.11

Batu Pekaka Estate
Located along the Sungai Petani/Baling main road, about 18 kilometres from Sungai Petani town, Kedah


968.7


Boustead Silasuka
Sdn Bhd


3 years

2,330

Cultivation of palm oil

29 December 2006

38,630

44,500

44,500

5.35

Chamek Estate
Located along the eastern side of the train tracks next to Kampung Chamek, Johor


816.9


Boustead Sungai
Manar Sdn
Bhd


3 years

2,700

Cultivation of palm oil

29 December 2006

22,020

40,000

40,000

4.81

Telok Sengat Estate
Located along both sides of the road leading to Telok Sengat village about 28.8 km southeast of Kota Tinggi town, Johor


3,692.7


Boustead Heah Joo Seang Sdn. Bhd.


3 years

15,406

Cultivation of palm oil

29 December 2006

138,590

208,000

207,995

25.03

Telok Sengat Mill
P.O. Box 513, 81909 Kota Tinggi, Johor


19.2


Boustead Heah Joo Seang Sdn. Bhd.


3 years

Rental under Telok Sengat Estate

Processing of palm oil

29 December 2006

8,810

13,191

13,968

1.68
Lepan Kabu Estate
Located at the 75th km post Kota Bharu/ Gua Musang main road, Kuala Krai, Kelantan

2,036.2

Boustead Plantations Berhad

3 years

6,385

Cultivation of palm oil

26
June
2007

67,610

80,800

80,802

9.72
Lepan Kabu Mill
Kampung Kuala Pahi, 18000 Kuala Kerai, Kelantan

8.0

Boustead Plantations Berhad

3 years

Rental under Lepan Kabu Estate

Processing of palm oil

26
June
2007

4,140

4,167

4,167

0.50
Malakoff Estate
Located at Mukim 6, 12 and 13, District of Seberang Perai Utara, Pulau Pinang

1,396.6

Boustead Plantations Berhad

1 year

6,030

Cultivation of palm oil

11 December 2008

100,500

101,500

101,418

12.20
Bebar Estate
Located at Mukim of Keratong, District of Rompin, Pahang

2,340.6

Boustead Plantations Berhad

1 year

5,298

Cultivation of palm oil

11 December 2008

88,300

93,500

93,942

11.30
 
16,403.6
 
53,220    
660,700
830,158
831,259
100
                   


1. The investment properties were valued by independent professional valuers using the investment (discounted cash flow)
  method. The plantation assets were valued in October 2009 by CH Williams Talhar & Wong Sdn Bhd.
   
2. All the above plantation assets are freehold, save and except for:
  --------------------------------------------: Bebar Estate (leasehold for a term of 99 years expiring in 2083)
  --------------------------------------------: 5 lots of Malakoff Estate (leasehold for a term of 61 years expiring in 2027)