Johan Holdings to embark on RM364m mixed development on former Puchong plant site

KUALA LUMPUR (Oct 2): Johan Holdings Bhd plans to develop part of the 27-acre land where the ceramics tiles manufacturing plant of its former subsidiary Prestige Ceramics Sdn Bhd is located.

In a filing with Bursa Malaysia, Johan Holdings said it has applied to the Sepang Municipal Council for a development order for the development of about six acres of the freehold land in Puchong, Selangor.

The first phase, said the group, will be a mixed development comprising serviced apartments and commercial development, with a projected GDV of RM364.4 million.

“The gross development cost, inclusive of re-valued land cost, is projected at RM294.9 million, giving a projected gross development profit of RM69.5 million,” it said.

Johan Holdings said the application process for the project could take up to 12 months.

At 3.30pm, shares in Johan Holdings stood at 24.5 sen, giving it a market capitalisation of RM152.6 million. — theedgemarkets.com

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