A single-storey industrial building equipped with an automated storage and retrieval system (ASRS) will be developed on the land, according to the group in a filing with Bursa Malaysia on Friday.
The purchase price of RM64 psf aligns with an independent valuation of RM66 psf, the group said, adding that it plans to fund the acquisition through internally generated funds and external borrowings.
Parkwood said it has plans to develop this cluster of land into a contemporary landed residential enclave.
The company expects the contract to contribute positively to its earnings for the financial year ending Dec 31, 2024 and until the contract expires.
This is part of its business transformation plan to rationalise non-core assets and to move its warehouse from Rawang to its steel furniture manufacturing plant in Melaka, the group said in a bourse filing on Friday.
OCR said that under the joint-venture (JV) agreement, the landowner, Lecca Properties (M) Sdn Bhd, stands to gain RM45 million for partnering with the developer.
Prior to the current earthworks contract for the Gamuda Gardens Park project, Advancecon had previously completed earthworks for the adjacent Gamuda Gardens township in Rawang in 2020.
In a filing to Bursa Malaysia, Epison said it has inked a consortium agreement with PCSB to establish a consortium to develop the housing project, Rumah Idaman MBI, that will have 2,251 housing units, and to explore future collaborations of such nature.
Looking ahead, the group acknowledged challenges in the domestic property sector due to higher interest rates, ongoing inflation and an oversupply of properties in different markets and segments.
The land is directly next to the LATAR Expressway or Kuala Lumpur-Kuala Selangor Expressway, and within one-hour reach to both KLIA and Port Klang.
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