KUALA LUMPUR – At least five bids exceeding US$1 billion (RM4.43 billion) are in for Genting Bhd’s billion-dollar 6.3ha prime land along Miami’s waterfront, a potential record for the deal.
Its broker Michael Fay told Bloomberg that the bids are from domestic and international parties but did not reveal who they are.
“If we get what we hope to achieve, this could be the highest price paid for any development site in the country,” he was quoted as saying.
The site, described as one of the largest undeveloped tracts along the city’s waterfront, used to house the Miami Herald newspaper office. Now it is home to the annual Art Miami and Context fairs.
It also sits on Biscayne Bay, across from Miami Beach.
After Genting failed to get a casino licence from Florida, it listed the site for sale in November last year.
While the highest bid was shy of US$1.5 billion, Genting is expected to narrow the list to three bidders before announcing its decision in the coming weeks.
Meanwhile, The Real Deal reported that the land at 1431 North Bayshore Drive in Miami represents more than half of the company’s holdings.
Genting had acquired the waterfront property for US$236 million in 2011 – a record for Miami-Dade county then.
The site’s zoning code permits up to 60 stories of development and 500 residential units per acre.
Currently, Genting owns the Hilton Miami Downtown hotel and Omni Centre space in Miami.
It was reported that Genting would possibly use the proceeds to expand the hotel and casino complex at its Resorts World slot-machine parlour in Queens, New York. The casino operator is also eyeing one of three new gaming licences in New York. – The Vibes, March 25, 2023
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