UOA buys 9.8 acre Kepong land for RM72.89m

KUALA LUMPUR: UOA Development Bhd is acquiring a 9.8 acre freehold land in Kepong for RM72.89 million to be developed into a residential development.

In a filing Tuesday, Oct 11, UOA said its wholly-owned subsidiary IDP Industrial Development Sdn Bhd had entered into a conditional sale and purchase agreement with Tago (Malaysia) Sdn Bhd for the proposed acquisition of the land.

It said the acquisition would be financed by cash from internally generated funds.

UOA said it was committed to continue its fast turnaround development strategy that focused on the Klang Valley, and that the acquisition was in line with its and would further grow its development activities within Klang Valley.

The company said the land was located within close proximity to its other residential projects, namely, Villa Saujanis, Taman Megah Kepong and other on-going projects such as Kepong Business Park, Villa Pines and Villa Botanica, and was highly accessible via major highways such as Duta-Ulu Klang Expressway (DUKE) and Jalan Kuching.

UOA said the development was expected to commence in the year 2012.

"The total development costs for and the expected profits to be derived from the development of the land have yet to be ascertained at this juncture as the detailed development plan is pending finalisation," it said.