Thursday 11 June 2015

Land & General Bhd is buying 112 acres land in Bukit Raja

Land & General Bhd is buying Pembinaan Jaya Megah Sdn Bhd (PJMSB), which is undertaking alienation of 112.353 acres of leasehold land in Bukit Raja, Selangor, for RM90mil. This translates to RM801k per acre or RM18psf.

The property and plantation firm told Bursa Malaysia recently that it planned to develop the land into a residential and commercial development. No details were given.

The vendors of PJMSB are Tengku Sulaiman Shah Al-Haj Ibni Almarhum Sultan Salahuddin Abdul Aziz Shah Al-Haj (30%) and Datuk Hui Swee Seong and family (70%).

Meanwhile, the District and Land Office of Petaling has given its approval for the alienation of the land in November last year. The expiry of the 99-year lease period is not yet available pending completion of the alienation of the Land and issuance of land title(s).

The proposed acquisition is expected to be completed by the second quarter of 2016.


The proposed acquisition will expand the land bank of the LandG group to facilitate future development projects and will contribute positively to the future earnings and cash flows of the group in line with our core business, it said, adding that it intends to develop the land as a residential and commercial development.

LandG said it intends to finance the purchase consideration through internally generated funds and bank borrowings.

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