Central Global unit to acquire three properties in Selangor for RM3.67 mil

• The purchase consideration was determined on a “willing buyer, willing seller” basis, based on independent valuations by Henry Butcher Malaysia using the comparison approach.

PETALING JAYA (May 22): Central Global Bhd’s wholly-owned sub-subsidiary, Central Global Development Sdn Bhd, is acquiring three freehold residential properties in Selangor from Chew Hian Tat for a total cash consideration of RM3.67 million.

According to its exchange filing yesterday, the properties all located in Taman Bukit Sungai Long in Hulu Langat, Selangor will be acquired on an “as is where is” basis, free of encumbrances and with vacant possession.

The acquisition involves a 1,143 sq m parcel of residential land (Property 1) priced at RM1.66 million, a 629 sq m parcel (Property 2) for RM910,000 and a 760 sq m parcel (Property 3) for RM1.1 million.

Chew is the group managing director and a major shareholder of Central Global, as well as a director of Central Global Development.

The purchase consideration was determined on a “willing buyer, willing seller” basis, based on independent valuations by Henry Butcher Malaysia using the comparison approach. The valuations for all three properties align with the agreed purchase prices.

The acquisition is expected to be completed within three months from the date of the agreements.

Under the terms, a 10% deposit was paid upon signing, with the remaining balance due within three months. A one-month extension is allowed, subject to 8% per annum interest on any outstanding balance.

Funding will be via internally generated funds and/or bank borrowings, though the breakdown has not been finalised. No liabilities will be assumed apart from standard obligations under the agreements.

Central Global said the acquisition is not expected to have any material effect on the company’s earnings, net assets, or share capital for the financial period ending June 30, 2025.

The acquisition is part of Central Global’s strategy to expand its landbank for future property development.

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