KUALA LUMPUR (Nov 14): MALTON BHD [] is acquiring land measuring 56.05 acres in Ulu Kelang for RM105 million for a residential project with an estimated gross development value of RM500 million.
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.
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.
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.
'The acquisition, which will increase the land bank for development, is in line with the expansion plan of the core business activities of Malton Group ('Malton and its subsidiaries') which are property development and CONSTRUCTION [].
'The Acquisition is expected to contribute to the medium and long term profitability and growth of Malton group,' it said.
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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.
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.
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.
'The acquisition, which will increase the land bank for development, is in line with the expansion plan of the core business activities of Malton Group ('Malton and its subsidiaries') which are property development and CONSTRUCTION [].
'The Acquisition is expected to contribute to the medium and long term profitability and growth of Malton group,' it said.
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