A Northern Territory cattle property has been sold for $20 million to Malaysia’s Sarawak Economic Development Corporation.
The 41,500 hectare property, previously used as a safari lodge, is able to background between 5000 and 8000 cattle and the new Malaysian owners intend to use the property to fatten their cattle from Rosewood Station.
Industry figures indicate the buyer will struggle to profit from this relatively small piece of land, having purchased it for 20 million dollars, despite it selling for 2.8 million in 2001.