KUALA LUMPUR (Aug 22): Goh Ban Huat Bhd (GBH) is acquiring a freehold land in Mont'Kiara for RM39.53 million, as it seeks to benefit from future capital appreciation while waiting for the opportunity to develop the land as the property market improves.
GBH's wholly-owned unit GBH Land Sdn Bhd is buying the land, measuring 9,925 sq metres, from Puncak Melati Sdn Bhd, a privately-held investment holding firm controlled by two individuals, Loh Tze Yee and Loh Peay Jin.
"The proposed acquisition is an opportunity for the GBH to invest in prime property at a reasonable price by virtue of the property's ideal location and close proximity to the Kuala Lumpur City Centre and within the well-known Mont'Kiara developments," GBH said in a filing to Bursa Malaysia.
GBH, controlled by the famed Casio King Tan Sri Robert Tan Hua Choon, said the land is located within one kilometre from The Plaza Mont'Kiara and 1Mount Kiara Mall, while Solaris Mont Kiara is sited about three kilometres to the north-east of the land.
At a price tag of RM39.53 million, GBH's purchase of the land is valued at RM370 per sq ft.
GBH added that it will use internal funds to finance the land acquisition.
Noting that the acquisition move does not require approval from any government authorities and its shareholders, GBH expects to complete the deal within the next three months.
Listed on the Main Market, GBH — famous for its sanitary products that include toilet seats — closed 1 sen or 0.75% higher at RM1.34 today, for a market capitalisation of RM250.05 million. — theedgemarkets.com