The 60 parcels consist of 10 parcels of land with 27-hole golf course, a club house and other supporting facilities; five parcels of vacant residential land; 44 parcels of vacant bungalow plots; a single storey bungalow house; and a parcel of industrial plot designated for a TNB substation. The lands are located within the Tuanku Jaafar Golf and Country Resort in Senawang, which is about 10 minutes drive from Seremban.
L&G entered into a conditional sale and purchase agreement with Seremban Golf Resort Bhd on Wednesday, Dec 22, it said on Wednesday.
The acquisition will enable the company to expand and complement its existing property development business, as well as enhance its future revenue stream.
The company intends to develop the lands into an upscale high quality residential development with a modern tropical concept, comprising bungalow lots, double-storey cluster semi-detached homes, link cluster homes and apartments.
The development will have an estimated gross development value of RM555 million with an estimated gross development cost of RM419.54 million (excluding land cost), giving L&G an estimated gross development profit of RM132.52 million.
L&G is in the midst of finalising the master plan and construction is expected to start in 2011/2011. It will be developed over a span of six years with target completion in 2018.
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