KUALA LUMPUR (May 22): Gabungan AQRS Bhd expects to finalise the planned sale of its land in Dengkil, Selangor to PR1MA Corp Malaysia within the next three weeks under a proposed joint venture (JV) to develop affordable housing there.
Gabungan AQRS group CEO Datuk Azizan Jaafar and chief financial officer Bernard Lim said the company stood to gain from the land sale and the tract's development.
"We are waiting for the signing of the en bloc sales agreement and official approval," Azizan and Lim told reporters after Gabungan AQRS' annual general meeting (AGM) here today.
According to Gabungan AQRS' announcement to Bursa Malaysia on June 23, 2016, Gabungan AQRS had planned to sell a 7.61ha (19.03 acre) leasehold land within Dengkil's Putra Perdana enclave to PR1MA under a non-binding letter of intent (LOI) from PR1MA.
Under the LOI, PR1MA had proposed to buy the 1,140 apartments, which Gabungan AQRS planned to build on the tract.
At the AGM today, Azizan and Lim said the land sale to PR1MA was in line with Gabungan AQRS' plan to reduce debt and seek opportunities in the property segment on a capital expenditure-light basis via JVs.
They said such JVs would not require Gabungan AQRS to increase its landbank. — theedgemarkets.com