Mahajaya buys freehold land in Cheras for RM15.5m

KUALA LUMPUR: Mahajaya Bhd bought a piece of freehold land in Cheras measuring 9.375 acres from Chong Shee Jan, Chong Shee Leok and Chong Soo Lim for RM15.52  million, the group announced on Tuesday, Nov 30.

The land is currently subject to the category of land use as pertanian ("agriculture") with an express condition of tanaman getah ("rubber trees").

The group stated that land forms part of the group's on-going development, namely, Bandar Damai Perdana. The land is intended for residential development.

Mahajaya is submitting applications at present are not able to provide total development costs and expected profit from the proposed development. Commencement of development is expected before 2011.