OSK Property buys two plots of residential land at Cyberjaya

KUALA LUMPUR: OSK Property Holdings Bhd, through its unit Jelang Vista Sdn Bhd, is buying two plots of residential land at Cyberjaya for RM32.68 million.

In a filing to Bursa Malaysia on March 31, the developer said it has entered into a sale and purchase agreement with Cyberview Sdn Bhd and Setia Haruman Sdn Bhd on the same day for the acquisition of the two pieces of land, measuring 257,711 sq ft (about six acres).

The plots, which form part of the development of an information technology hub, are currently encumbered by way of a lien-holders caveat by Bank Pembangunan Malaysia Bhd.

The development on the parcels is expected to comprise commercial and residential developments, but at a height limit of up to six storeys only.

The layout approval granted to the hub’s master developer, Setia Haruman, allows for 40 units per acre or a total of 480 units of low-rise condominium. The estimated gross development value is RM300 million, with an estimated gross profit of RM75 million.

The estimated development cost of RM225 million will be funded via internal fund and bank borrowings. The developer plans to commence the development by year-end.