Tuesday, November 15, 2011

Malton active, up on residential project plan

KUALA LUMPUR (Nov 15): MALTON BHD [] shares advanced on Tuesday, Nov 15 after the company on Monday said it was buying 56.05 acres of land in Ulu Kelang for a residential project with an estimated gross development value of RM500 million.

At 2.40pm, Malton was up 7.5 sen to 69 sen with 39.7 million shares traded.

In a filing to Bursa Malaysia Securities Bhd on Monday, Nov 14, Malton said that its wholly owned subsidiary Gapadu Harta Sdn Bhd had entered into a sale and purchase agreement with Ukay Spring Development Sdn Bhd to acquire the land for RM105 million.

The company said the proposed development would comprise residential bungalows, semi-detached houses, medium cost apartments, low medium cost apartments and low cost apartments with an estimated gross development value of RM500 million.

It said the land was located in a maturing residential area with established neighbouring developments such as Ukay Perdana, Taman Zooview, 20trees, Taman Melawati, Wangsa Maju and Taman Setiawangsa and its accessibility to various major highways such as the Kuala Lumpur Middle Ring Road 2, Duke Expressway and Ampang-Kuala Lumpur Elevated Highway was also taken into consideration.

Malton said the acquisition would be financed by internal generated funds and/or bank borrowings.


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