Caely Holdings ventures into property development

KUALA LUMPUR: Caely Holdings Bhd is venturing into property development with the acquisition of a leasehold 52.79-acre land in Perak for RM3.7 million.

Caely — via its wholly-owned subsidiary Caely (M) Sdn Bhd — has entered into a Sales and Purchase agreement with Tenaga Danawa Sdn Bhd, a wholly-owned subsidiary of Majuperak Holdings Bhd, on Monday, June 27, it said in a Bursa announcement on the same day.

Caely's core business is in direct and retail sales, of ladies undergarments, leather goods, sportwear and household products.

The tract, which is located along Jalan Tapah, is slated for a proposed mixed development comprising 181 units of shop lots, 304 units of linked and semi-detached houses, and bungalows lots as well as two parcels of vacant lots measuring one acre each.

It estimated a total gross development value of RM145 million and a total development cost of RM134.5 million, giving it an estimated gross profit of RM10.5 million.