Hua Yang purchases RM158m prime PJ land

KUALA LUMPUR (Oct 8): Hua Yang Bhd's wholly-owned unit Bison Holdings Sdn Bhd has purchased 29.21 acres of land in Selangor for RM158 million from Mentari Hari Sdn Bhd.

Hua Yang, in a filing on Bursa Malaysia, said that it has entered into a conditional sales and purchase agreement with Mentari Hari to buy five vacant plots — three commercial and two industrial — of leasehold land in Petaling Jaya for a proposed mixed development with an expected gross development value (GDV) of RM1.52 billion.

Previously, Mentari Hari had obtained a planning approval from Majlis Perbandaran Subang Jaya (MPSJ) for a commercial development consisting offices, a petrol station and public facilities and amenities.

However, once the acquisition has been completed, the property developer intends to change the planning approval to a proposed mixed development that will comprise serviced apartments, offices, a clubhouse and amenities.

The development is expected to cost some RM1.22 billion and will generate approximately RM300 million in gross development profit, it said.

"In view of the location of the land, the acquisition will help Hua Yang gain increasing mileage as a notable developer in the affordable homes segment," it said, adding that it has a land bank of 766 acres in the Klang Valley, Perak, Negeri Sembilan and Johor.

The land is situated to the "immediate south of Puchong West Toll Plaza of the Lebuhraya Damansara Puchong leading towards USJ/ Shah Alam".

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