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Gadang Holdings to acquire land in Sungai Besi

PETALING JAYA: Natural Domain Sdn Bhd (NDSB), an indirect wholly-owned subsidiary of Gadang Holdings Bhd, has entered into a Sale and Purchase Agreement (SPA) with GSS Properties Sdn Bhd on Jan 27 to acquire a parcel of residential land located off the Sungai Besi Highway for a purchase consideration of RM33 million.

In a filing to Bursa Malaysia, Gadang Holdings said the proposed acquisition would increase the groups’s landbank and development value when the said land is developed.

The said land measures approximately 92,286 sq m and has a 99-year leasehold interest expiring on June 17, 2085.

However, part of the said land (approximately 42,908.53 sq m) has been compulsorily acquired by the authorities.

Thus, the remaining portion of the said land that NDSB is acquiring shall measure approximately 49,377.47 sq m.

Gadang Holdings said any proposed residential development on the land is expected to do well as it is strategically located at the intersection of the Kuala Lumpur-Seremban, Kuala Lumpur-Putrajaya, Pantai and Sungai Besi highways.

The group said, barring any unforeseen circumstances and subject to all the required approvals being obtained, the proposed acquisition is expected to be completed within six months from the date of the SPA.

“The proposed acquisition is not expected to have any material effect on Gadang Holdings’ consolidated earnings per share for the financial year ending May 31, 2010,” it said.

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