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[KUALA LUMPUR] Malaysia's pilgrimage fund Lembaga Tabung Haji said on Thursday it had bought a plot of land from a high-profile development project owned by state fund 1MDB for RM188.5 million (S$70 million).
The sale represents the first asset sale by the state fund which is trying to cut down its US$11.6 billion in debt - a burden that has cast shadows over the country's sovereign credit rating and has also weighed on the ringgit.
The purchase price represents a discount to the current market value provided by an independent valuer, said Tabung Haji, which plans to develop a residential tower.
The land is part of the Tun Razak Exchange, which is being developed as a 70-acre financial centre in the capital and is one of two high-profile projects in 1MDB's property portfolio.