Hap Seng buys Kuala Selangor plots for RM228.75 millon

Hap Seng Consolidated Bhd is buying 36 parcels of freehold agricultural land with an aggregate land size of 1,449.52 acres in Kuala Selangor, for RM228.75 million to develop a mixed development with an estimated gross development value (GDV) of RM9.3 billion. Hap Seng unit Euro-Asia Brand Holding Company Sdn Bhd is buying 20 plots of land which collectively measure 734.82 acres from Shalimar for RM121.54 million or RM165 per acre. It also acquired another 16 plots, from Indo Malay measuring 714.7 acres for RM107.21 million or RM150 per acre. All the 36 plots it is acquiring are located in the Kuala Selangor district and can be easily accessed via the Latar Expressway. Hap Seng intends to develop the GDV of RM5 billion land with “sought-after modern guarded-and-gated lifestyle residential properties and commercial components” on Shalimar plots. The land parcels also close to the Royal Kampung Kuantan Golf Club and University of Selangor in Batang Berjuntai. The deals are expected to be completed in 3Q16.


(The Edge Property, 16/06/2016)