The company said on Tuesday, Oct 12 that its unit Triple Equity Sdn Bhd had entered into a conditional sale and purchase agreement with Persatuan Bekas Tentera Malaysia Bahagian Negeri Selangor on the same day for the acquisition for half of the vacant commercial leasehold land.
Triple Equity plans to develop the 2.6-acre land into commercial complex and offices.
The land forms part of a master title held under leasehold commercial building land held under H.S (D) 198274, PT 17 Seksyen 14, Bandar Shah Alam, Daerah Petaling, Negeri Selangor. It has yet to be sub-divided from the master title and the lease is expiring on January 7, 2103.
The original cost of investment to Persatuan Bekas Tentera Malaysia Bahagian Negeri Selangor is RM4.25 million, which was made on 24 Jun 2009.
“The property is located next to Shah Alam Post Office along Persiaran Dato’ Menteri, Shah Alam with the back of the said land facing the Federal Highway and along the slip road from Persiaran Sultan, Shah Alam.
It is easily accessible through the Federal Highway. It lies approximately 6 km to the Subang Jaya and 20 km to Kuala Lumpur city centre,” the company added.
The acquisition will be satisfied by way of cash from internally generated funds and bank borrowings.
Persatuan Bekas Tentera Malaysia Bahagian Negeri Selangor was incorporated in Malaysia under the Society Act 1966. It is a welfare organisation that looks after the interest of the retired army personnel.
LBI Capital said the property acquisition is to enhance its property development activities in view of the completion of most of its projects.
The acquisition will increase the development land of the Group and is expected to contribute higher earnings in the near future.
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