PETALING JAYA: Hua Yang Bhd
has bought a property development company which owns four parcels of freehold land between Kajang and Bangi for RM70mil.
In a filing with Bursa Malaysia yesterday, Hua Yang said it has earmarked the land for a mixed project development comprising serviced apartments, retail units and affordable homes spanning over 19.76 acres.
The estimated gross development value (GDV) for the said project is RM800mil.
Hua Yang said the land is located in an established mature area with high market prospects with ready infrastructure in the vicinity and easy access to major highways.
“Klang Valley is one of our key areas, and currently it is the second biggest contributor to our total revenue of 31% as at the second quarter ended Sept 30.
“This acquisition not only cements our commitment to grow our presence in the Klang Valley, but also reinforces our vision to develop affordable homes,” Hua Yang chief executive officer Ho Wen Yan said in a statement.
He said demand for property in the Klang Valley has remained resilient due to population and economic growth.
“By stepping up land acquisitions in the Klang Valley and with our focus on affordable pricing, we will be in a better position to meet market demand,” he said.
