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KUALA LUMPUR: UEM Land Bhd has proposed to acquire two parcels of plantation land totaling 187.5 hectares from Inch Kenneth Kajang Rubber Public Ltd Co for RM268.5 million.
UEM Land Bhd is a wholly-owned subsidiary of UEM Land Holdings Bhd (ULHB).
ULHB in a filing to Bursa Malaysia today said it intends to develop a new township on the land, located in Semenyih, Selangor.
It said it expects to achieve an estimated gross development value of RM2.84 billion for the land, spanning over a ten-year development period.
ULHB also stated that it intends to develop the land as a new township as soon as possible and after the completion of the acquisition.
It also said the proposed acquisition forms part of the group's strategic plan, where one of the objectives set for ULHB, is to secure at least one new township development outside Nusajaya (Johor) by 2015.
It added that the proposed acquisition will not have any financial impact on the group's current financial year ending Dec 31, 2010, as it is only expected to be completed in the next financial year. — Bernama
UEM Land Bhd is a wholly-owned subsidiary of UEM Land Holdings Bhd (ULHB).
ULHB in a filing to Bursa Malaysia today said it intends to develop a new township on the land, located in Semenyih, Selangor.
It said it expects to achieve an estimated gross development value of RM2.84 billion for the land, spanning over a ten-year development period.
ULHB also stated that it intends to develop the land as a new township as soon as possible and after the completion of the acquisition.
It also said the proposed acquisition forms part of the group's strategic plan, where one of the objectives set for ULHB, is to secure at least one new township development outside Nusajaya (Johor) by 2015.
It added that the proposed acquisition will not have any financial impact on the group's current financial year ending Dec 31, 2010, as it is only expected to be completed in the next financial year. — Bernama
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