Affin buys land in TRX for RM255 mil to house new HQ

KUALA LUMPUR (Aug 10): Affin Holdings Bhd's banking unit Affin Bank Bhd announced today that it is acquiring a tract of land measuring 823,439 sq ft in the Tun Razak Exchange (TRX), to develop its new headquarters, for RM255 million.

According to Affin Bank managing director and chief executive officer Kamarul Ariffin Mohd Jamil, the purchase price of RM255 million means that the price per gross floor area would be RM309.67 per sq ft, while the plot ratio will be 15.2 times.

“We have been sourcing for a suitable location that meets our requirement, with the right price. There was a need as the bank, together with other entities within Affin Group, has been growing and we need more space for everyone under one roof,” he told reporters in a press conference here today.

He added that the land has been independently valued at RM261 million.

Kamarul Ariffin said Affin will pay 10% deposit for the acquisition and the remaining 90% upon presentation of the registration title.

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