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KUALA LUMPUR: UOA Development Bhd has acquired six parcels of freehold land with a total area of 483,322.71 sq ft in Jalan Ipoh, Kuala Lumpur for RM130.33 million.
In a statement to Bursa Malaysia yesterday, UOA said the deal was sealed via a sale and purchase agreement between its wholly owned unit Tiarawoods Sdn Bhd and Ng Kim Khin @ Ng Beh Leow.
UOA said it aims to develop the tract in Mukim Batu and its currently owned 16.8 acres (6.7ha) of existing land into an integrated mixed development, which is expected to commence in 2014.
“UOA is committed to continuing its fast turnaround development strategy that focuses on the Klang Valley.
“The acquisition is in line with UOA’s strategy and will further grow its development activities in the area.
“The Jalan Ipoh land is strategically located less than 10km from the Kuala Lumpur city centre,” the company said.
UOA said as the proposed development is surrounded by densely populated residential areas such as Taman Kok Lian, Taman Impian, Taman Sri Kuching and Taman Rainbow, it will be accessible via major highways such as the Duta-Ulu Klang Expressway and Jalan Kuching.
“The total costs and expected profits to be derived from the development of the Jalan Ipoh land have yet to be ascertained as the plan is pending finalisation,” said the company.
The proposed acquisition is expected to contribute positively to UOA’s earnings in the future. — Bernama
