Tuesday, December 6, 2011

Guocoland acquires 46.72 acres of land for RM107.8 million

KUALA LUMPUR (Dec 6): GUOCOLAND (MALAYSIA) BHD []'s indirect wholly-owned subsidiary is acquiring 46.72 acres of land worth RM107.8 million in the Cheras locality as part of its land bank expansion plan for future developments.

Guocoland said on Tuesday that its indirect wholly-owned subsidiary Ace Acres Sdn Bhd had entered into a sales and purchase agreement with Bond Corporation Sdn Bhd to acquire nine parcels of land located in Cheras and Mukim Petaling.

It said the land was located approximately 10 kilometers south of Kuala Lumpur city centre, and was sandwiched between two prominent townships in the Cheras locality, namely Alam Damai and Bandar Damai Perdana.

Other residential neighbourhoods located in the vicinity of the Said Land are Taman Connaught, The Peak Cheras and Taman Len Sen, it said.

Guocoland said that although it was still in the initial stages of planning, the company said it planned to develop the land into a mix of bungalows, semi-detached houses, superlink houses, condominiums and shophouses.

The purchase of the land was at a cost of RM53 psf and will be financed wholly from borrowings, it said.

On the rationale for the purchase, Guocoland said acquisition would enable it to increase its land banks in strategic locations for future developments.

'Barring any unforeseen circumstances, the proposed acquisition with the proposed development on the said land, is expected to contribute to the future earnings of the Guocoland Group,' it said.





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