KUALA LUMPUR: SBC Corporation Bhd has proposed to acquire three parcels of land measuring 17,879 sq m (4.41 acres) in Mukim Batu, Kuala Lumpur for RM25.08 million, it announced to Bursa Malaysia on Friday, May 27.

The group's unit Aureate Construction Sdn Bhd (ACSB) had entered into a sale and purchase agreement (SPA) with A.S.K. Holdings Sdn Bhd to acquire the plots of commercial land. The tenure of the land was not stated.

SBC said the price was arrived at on a willing buyer-willing seller basis, taking into consideration the prices of recent land and property transactions in the vicinity of the parcels and the type of future development of the land, which was not disclosed.

While the group had not commissioned any independent open-market valuation, the board of directors have deemed the price fair and reasonable, it said.

According to the group, a development order dated Sept 25, 2008 has been obtained for the said land with a development charge of RM1.53 million payable by ACSB.

However, the development order has lapsed and the company is trying to get an extension for it.

The purchase will be funded by a mix of internally-generated funds and bank borrowings.

Some of SBC's developments are its Kiara East mixed-development in Mont'Kiara, which includes the commercial highrise DEX suites and 4-storey parkfront villas The Axels as well as its Signal Hill series of residences.

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