PETALING JAYA: OSK Property Holdings Bhd is buying two leasehold commercial land in Shah Alam from Kuala Dimensi Sdn Bhd for RM15.19mil.
OSK Property is acquiring via, unit Ribuan Ekuiti Sdn Bhd, the two land measuring 6,535 and 5,225 sq m, respectively, in Bandar Shah Alam.
Ribuan Ekuiti, which is principally involved in property development and property management, will pay RM151,900 upfront. The balance RM15.038mil will be paid within three months after the sale and purchase agreement becomes unconditional.
The acquisition will be 20% funded with internal funds and 80% with external borrowings. It is expected to be completed by the third quarter this year.
OSK Property plans to build a commercial development comprising 420 semi-furnished, small-office, flexible-office units, which include a 25,339 sq ft or two floors for retail shops. The development has an estimated gross development value of RM190mil.
OSK Property said it targeted to launch the development by the fourth quarter this year.
Source : Star May 3, 2013
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