Wednesday, December 15, 2010

Prinsiptek to acquire land for RM15m

KUALA LUMPUR: PRINSIPTEK CORPORATION BHD [] has proposed to acquire a piece of land in Bandar Shah Alam for cash consideration of RM15 million.

It said on Wednesday, Dec 15 that its'' unit Gabungan Sanjung Sdn Bhd had proposed to acquire the 18,220 square metres of land from Satriadesa Corporation Sdn Bhd. The 99-year leasehold land expires on Aug 26, 2097.

Prinsiptek said the plan is to build service apartment and shoplots on the land. The estimated total development cost of the proposed project is about RM90 million which will be funded by internally generated funds and bank borrowings.

'The expected profit to be derived from the Proposed Project is approximately RM 25million.'' The proposed project is expected to commence by the third quarter of 2011'' and completed by the third quarter of 2014,' it said.

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