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KUALA LUMPUR: UEM Land Holdings Bhd is planning a RM2.84 billion freehold township project in Bangi by March next year at the earliest.
In a filing to Bursa Malaysia to acquire the two plots of freehold landon Monday, Dec 6, the property developer said the comprehensive and integrated new township will be developed on two pieces of land, with an aggregate land area of 463.51 acres. The project will span over a development period of 10 years.
The property developer said it had last Tuesday informed Inch Kenneth Kajang Rubber Public Ltd Company, via its unit UEM Land Bhd, of its interest to acquire the two parcels of agricultural land in Mukim Semenyih, Selangor for RM268.5 million or RM13.30 psf. Inch Kenneth accepted the offer letter last Thursday.
The piece of land is located adjacent to the Alam Sari township and Universiti Kebangsaan Malaysia, and is within the vicinity of Bandar Baru Bangi. It is accessible to existing infrastructures, with linkages to both the North South Expressway and the LEKAS Highway.
"Whilst the land is currently classified for agricultural land use and is an oil palm plantation estate, approval for conversion to mixed development status was obtained by Inch Kenneth in 2007," it said.
It added that the acquisition forms part of UEM Land's strategic plan, where one of the objectives is to secure at least one new township development outside Nusajaya by 2015. This will enable the UEM Land Group to diversify its development portfolio and revenue sources outside Nusajaya in order to achieve its long term growth strategy.
The group's acquisition of land parcels in Cyberjaya in December 2008 (which is currently being developed under the name Symphony Hills), as well as the acquisition of Sunrise Bhd, are examples of this strategy being implemented.
"Collectively, the move to diversify UEM Land Group's development portfolio beyond Nusajaya is also aimed at mitigating the ULHB Group's market risk and geographical concentration risk," the property developer noted.
The acquisition will be funded through UEM Land's balance unutilised proceeds raised under the renounceable rights issues on April; internal funds and bank borrowings.
As set out in another letter on September 21 by independent valuer Raine and Horne International Zaki+Partners Sdn Bhd, the indicative market valuation of the land was RM248.3 million or an approximate equivalent to RM12.30 psf.
Inch Kenneth is incorporated in Scotland (Company No: SC007574), as a public company limited by shares. The authorised share capital of Inch Kenneth is £100.0 million (RM494.25 million) comprising one billion ordinary shares of 10 pence each, of which 420.75 million shares have been issued and fully paid-up. Its shares are publicly traded on Bursa Malaysia Securities Bhd, the Singapore Exchange Securities Trading Limited and the London Stock Exchange.
It is involved in investment holding and carries on the business of an oil palm grower in Selangor, Malaysia. IncKen's subsidiaries are engaged in the operations of a block rubber manufacturer, tourist resort, retailing building supplies, property development and leasing of properties in Malaysia.
In a filing to Bursa Malaysia to acquire the two plots of freehold landon Monday, Dec 6, the property developer said the comprehensive and integrated new township will be developed on two pieces of land, with an aggregate land area of 463.51 acres. The project will span over a development period of 10 years.
The property developer said it had last Tuesday informed Inch Kenneth Kajang Rubber Public Ltd Company, via its unit UEM Land Bhd, of its interest to acquire the two parcels of agricultural land in Mukim Semenyih, Selangor for RM268.5 million or RM13.30 psf. Inch Kenneth accepted the offer letter last Thursday.
The piece of land is located adjacent to the Alam Sari township and Universiti Kebangsaan Malaysia, and is within the vicinity of Bandar Baru Bangi. It is accessible to existing infrastructures, with linkages to both the North South Expressway and the LEKAS Highway.
"Whilst the land is currently classified for agricultural land use and is an oil palm plantation estate, approval for conversion to mixed development status was obtained by Inch Kenneth in 2007," it said.
It added that the acquisition forms part of UEM Land's strategic plan, where one of the objectives is to secure at least one new township development outside Nusajaya by 2015. This will enable the UEM Land Group to diversify its development portfolio and revenue sources outside Nusajaya in order to achieve its long term growth strategy.
The group's acquisition of land parcels in Cyberjaya in December 2008 (which is currently being developed under the name Symphony Hills), as well as the acquisition of Sunrise Bhd, are examples of this strategy being implemented.
"Collectively, the move to diversify UEM Land Group's development portfolio beyond Nusajaya is also aimed at mitigating the ULHB Group's market risk and geographical concentration risk," the property developer noted.
The acquisition will be funded through UEM Land's balance unutilised proceeds raised under the renounceable rights issues on April; internal funds and bank borrowings.
As set out in another letter on September 21 by independent valuer Raine and Horne International Zaki+Partners Sdn Bhd, the indicative market valuation of the land was RM248.3 million or an approximate equivalent to RM12.30 psf.
Inch Kenneth is incorporated in Scotland (Company No: SC007574), as a public company limited by shares. The authorised share capital of Inch Kenneth is £100.0 million (RM494.25 million) comprising one billion ordinary shares of 10 pence each, of which 420.75 million shares have been issued and fully paid-up. Its shares are publicly traded on Bursa Malaysia Securities Bhd, the Singapore Exchange Securities Trading Limited and the London Stock Exchange.
It is involved in investment holding and carries on the business of an oil palm grower in Selangor, Malaysia. IncKen's subsidiaries are engaged in the operations of a block rubber manufacturer, tourist resort, retailing building supplies, property development and leasing of properties in Malaysia.
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