Hua Yang targets to do mixed development in KL

Hua Yang Bhd plans to undertake a high-rise mixed development project next to Taman Sri Murni in Batu Caves with gross development value of RM800mil.

The Batu Caves-based property developer said in a circular to shareholders on Monday that it would comprise four blocks of serviced apartments consisting of 1,264 units with clubhouse facilities plus two levels of retail commercial development consisting of 154 units.

The company expected the proposed development to be launched in the fourth quarter of next year with a development tenure of five to seven years.

Hua Yang unit Prisma Pelangi Sdn Bhd is in the process of acquiring the leasehold land measuring 32,740 sq m (with a 99-year tenure expiring May 2111) for the project for RM120mil in cash.

Hua Yang will hold an EGM on June 2 in Batu Caves to get shareholders’ nod for the purchase. - By The Star