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