UOA Development acquired 6 parcels of freehold land at Jalan Ipoh for RM130.33mil

The land to be bought by UOA's unit Tiarawoods Sdn Bhd will be an addition to the group's existing land of 16.8 acres in the same area. Once the purchase is completed, UOA will collectively own about 28 acres of prime development land there.

The Land measures in total approximately 483,322.71 square feet (11.1 acres) and is presently free from encumbrances save and except for the followings:

(i) portion of the land held under GM5909 Lot 950, Mukim Batu, Daerah and Negeri Wilayah Persekutuan Kuala Lumpur (“Lot 950”) are occupied by 3 tenants (“Lot 950 Tenants”);

(ii) the land held under GM1173, Lot 4052, Mukim Batu, Daerah and Negeri Wilayah Persekutuan Kuala Lumpur (“Lot 4052”) is occupied by a tenant (“Lot 4052 Tenant”);

(iii) registrar caveat(s) registered on the Land (“Registrar’s Caveats”);

(iv) squatters (“Squatters”); and



UOA Development acquired 6 parcels of freehold land at Jalan Ipoh for RM130.33mil

(v) use of way granted on Lot 4052 to Ng Beh Leow Sdn Bhd (“NBL”) and Lot 950 Tenants (“Use of Way”).

Rational for the acquisition

UOA is committed to continue its fast turnaround development strategy that focuses in the Klang Valley. The Proposed Acquisition is in line with UOA’s strategy and will further grow its development activities within Klang Valley.

The Jalan Ipoh Land is strategically located at Jalan Ipoh, less than 10 kilometres from Kuala Lumpur City Centre. The location is surrounded by densely populated residential areas such as Taman Kok Lian, Taman Impian, Taman Sri Kuching and Taman Rainbow. The Proposed Acquisition will be an addition to UOA’s existing land of approximately 16.8 acres, owned by the Purchaser. On completion of this Proposed Acquisition, the Purchaser will collectively own approximately 28 acres of prime development land in this location. The development will be highly accessible via major highways such as Duta-Ulu Klang Expressway (DUKE) and Jalan Kuching.

UOA is proposing to develop the Jalan Ipoh Land, combined with the existing land, into an integrated mixed development and is expected to commence in the year 2014.

The total development costs for and the expected profits to be derived from the development of the Jalan Ipoh Land have yet to be ascertained at this juncture as the detailed development plan is pending finalisation.

The proposed acquisition is expected to be completed by the second quarter of 2014.