An artist's impression of Ibraco's maiden project in the Klang Valley, the Continew.
, eyeing the property market in Peninsular Malaysia, has bought 3.91 acres in Petaling Jaya for RM37.44mil.The company, whose completed development projects are all in Kuching and Bintulu, said the land was located along the New Pantai Expressway.
The Petaling Jaya City Council had in 2011 approved the land for mixed commercial development, but Ibraco said it would apply for variation/new development order.
In a filing with the stock exchange, the company said it had yet to determine the budgeted gross development value and gross profit to be generated from the development of the leasehold land.
“The company is unable to disclose the net book value of the land as it is not privy to such information,” Ibraco said.
It will pay for the land 30% with internally generated funds and the rest via bank borrowings.
This will not be the group’s maiden project in the peninsula.
According to Ibraco’s latest annual report, the group in February officially launched its first project in Peninsular Malaysia, the Continew located in the Kuala Lumpur City Centre.
The Continew is a two-tower commercial-cum-residential development project along Jalan Tun Razak and Jalan Loke Yew which has an estimated gross development value of over RM400mil.
It was previously reported that the Continew would be completed by January 2022.
