KUALA LUMPUR: UOA Development Bhd, which will be listed on the Main Market of Bursa Malaysia on June 8, ''is acquiring two parcels of freehold land in Sri Petaling for RM50 million for a proposed high rise residential development.
In a filing Tuesday, June 7, UOA Development said that its wholly owned unit Magna Tiara Development Sdn Bhd had entered into a conditional sales and purchase agreement with Sim Nam Housing Development Co Sdn Bhd to acquire the two parcels of land measuring 4.86 acres in total.
UOA Development said the acquisition would be financed by cash from internally generated funds.
The company said it was committed to continue its fast turnaround development strategy that focuses in the Klang Valley, and that the acquisition was in line with its strategy to further grow its development activities within Klang Valley.
'The land is strategically located approximately 15 kilometres from Kuala Lumpur City Centre, within the matured suburbs of Sri Petaling, Kuala Lumpur which is a densely populated residential area highly accessible via major highways such as New Pantai Expressway, North South Highway and KESAS Highway.
'UOA Development is proposing to develop the Land into high rise residential and the development is expected to commence in the fourth quarter of year 2011,' it said.
The company said the total development costs for and the expected profits to be derived from the development of the land have yet to be ascertained, as the detailed layout plan was pending finalisation.
In a filing Tuesday, June 7, UOA Development said that its wholly owned unit Magna Tiara Development Sdn Bhd had entered into a conditional sales and purchase agreement with Sim Nam Housing Development Co Sdn Bhd to acquire the two parcels of land measuring 4.86 acres in total.
UOA Development said the acquisition would be financed by cash from internally generated funds.
The company said it was committed to continue its fast turnaround development strategy that focuses in the Klang Valley, and that the acquisition was in line with its strategy to further grow its development activities within Klang Valley.
'The land is strategically located approximately 15 kilometres from Kuala Lumpur City Centre, within the matured suburbs of Sri Petaling, Kuala Lumpur which is a densely populated residential area highly accessible via major highways such as New Pantai Expressway, North South Highway and KESAS Highway.
'UOA Development is proposing to develop the Land into high rise residential and the development is expected to commence in the fourth quarter of year 2011,' it said.
The company said the total development costs for and the expected profits to be derived from the development of the land have yet to be ascertained, as the detailed layout plan was pending finalisation.
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