Selangor Properties to buy land for RM32mil

Selangor Properties Bhd (SelProp) has entered into a sale and purchase agreement (SPA) with Chong Khoon Lin Sdn Bhd to acquire four adjoining parcels of freehold land in Kuala Lumpur for RM32.2mil.

In a filing with Bursa Malaysia, SelProp said the 5,252.66 sq m was adjoined and contiguous to its existing 1.99 ha in Damansara Heights, which has been earmarked for residential development.

The proposed development on the land together with SelProp’s existing land will comprise 124 units of high-end stratified villas with 446 units of basement car park and is expected to be developed over four years.

“Upon the agreement execution, SelProp needs to pay a deposit of RM3.22mil while the balance of RM28.98mil shall be paid within four months from the SPA date,” it said.

The purchase consideration would be funded by internally generated funds, it added.

The proposed acquisition is expected to be completed by the second quarter of its financial year ending Oct 31, 2016. – Bernama