BCB to acquire two plots of land for RM50.95 million

KUALA LUMPUR: BCB Bhd has entered into two sale and purchase agreements (SPA) to acquire two vacant plots of land for a total cash consideration of RM50.95 million, the group announced on March 10 on Bursa Malaysia.

BCB had entered into an SPA and a supplemental SPA with Warta Development Sdn Bhd and Yap Khay Cheong & Sons Realty Sdn Bhd (YKCSR) to acquire two land parcels spanning a total of 2.035 ha located in Batu, Kuala Lumpur, for a total cash consideration of RM50.95 million.

Warta Development and YKCSR are half share-registered owners of the land.

The land parcels were previously the subject of a joint-venture (JV) agreement between the vendors and developer Serenity Ace Sdn Bhd to construct a 30-storey condominium block of 280 units, two 7-storey condominium blocks with 72 units each, a 3-storey car park podium and related amenities.

“The original development order shall be forwarded to BCB upon receipt of full purchase price by the vendors or when required by the authority wherein BCB shall show proof of the same to the vendors,” it said.

Serenity Ace had already obtained the approval to convert the land to building status. However, the conversion premium of RM2.11 million is still outstanding. BCB is required to pay the amount owed within a month of the SPA.

According to the announcement, BCB had paid a deposit of RM4.88 million to the vendors.

BCB said the acquisition of the parcels will allow it to tap into the “vibrant and lucrative” Klang Valley market, increase its landbank and provide sustainable earnings over the long term due to the favourable outlook of the plots, and enable BCB to improve its market share and enhance its product variety to home buyers.
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