Gadang Holdings acquires bungalow plots in Sg Besi

KUALA LUMPUR: Gadang Holdings Bhd through its wholly owned subsidiary Gadang Engineering (M) Sdn Bhd has entered into sale and purchase agreements with Bee Garden Holdings Sdn Bhd and Primeclass Development Sdn Bhd to acquire seven plots of leasehold vacant bungalow land in Pekan Baru Sungai Besi in Selangor for RM11.22 million.

In a filing to Bursa Malaysia today, Gadang Holdings said the proposed acquisition is partly to offset an outstanding debt by Bluwater Developments Bhd to Gadang Engineering.

Bee Garden is the beneficial owner of the six bungalow plots while Primeclass is the beneficial owner of the remaining plot.

Gadang Holdings said the purchase price calculated at the rate of RM150 psf was arrived at on a willing-buyer-willing seller basis to resolve the long outstanding debt owed by Bluwater. Bluwater was formerly known as Mines Resort Bhd which was involved in the development of Mines Resort City.

The said bungalow lots may be disposed or added to the group’s landbank for future development, said Gadang Holdings.

The proposed acquisition is subject to the consent of the State Authority for the transfer of the said bungalow lots to Gadang Engineering and/or its nominees. The application to the State Authority is expected to be submitted within a month.