Hua Yang to buy MRR2 land

Hua Yang Bhd has bought 8.09 acres of leasehold land along the Middle Ring Road 2 (MRR2) to build a high-rise mixed development project with an estimated gross development value (GDV) of RM800mil.

In a filing with Bursa Malaysia, the Ipoh-based property developer said the parcel of land situated towards north Kuala Lumpur was in a well-established area with high potential for population growth.

“The demand for affordable housing will remain favourable, particularly from the middle-income group and we are optimistic that the project we have planned for this site will be well-received by young first-time home buyers.

“This latest acquisition is also in line with our aim of replenishing our current landbank and it puts us one step closer towards our goal in achieving a total undeveloped landbank GDV of RM5bil,” its chief executive officer Ho Wen Yan said in a press statement.

Hua Yang also said the land’s strategic location provided access to Petaling Jaya and Kuala Lumpur areas, which were just 15 minutes away via various highways such as the MRR2, Duta-Ulu Klang Expressway, New Klang Valley Expressway and Damansara–Puchong Expressway with the Batu Caves and Taman Wahyu KTM Commuter lines offering public transportation options nearby.

Hua Yang announced its acquisition of two plots of land on Jan 26 in Bukit Mertajam, Penang, which are slated for a mixed development project and a residential condominium project, respectively. The group now has a total undeveloped land bank of 502 acres with a potential GDV of RM3.9bil.

Hua Yang closed 2 sen or 0.94% higher at RM2.15 on Friday. - By The Star