KUALA LUMPUR, Jan 11 — Hua Yang Bhd plans to acquire Grand View Realty Sdn Bhd, a Johor-based property development company, for RM75.6 million.
In a statement Monday, Hua Yang said Grand View has eight parcels of freehold land measuring 29.60 hectares (ha).
“The development of the landbank will include cluster and semi-detached homes, shop offices and homes under the Johor Affordable Housing scheme.
“The gross development value of the development is estimated at RM346.4 million,” it said.
Hua Yang’s Chief Executive Officer, Ho Wen Yan, said Johor was an important market for the group and the proposed acquisition was in line its objective to expand operations in the southern region of Peninsular Malaysia.
“As the landbank is strategically located within Iskandar Malaysia’s eastern corridor, we expect demand for affordable homes and commercial properties in this area to be on the rise in the foreseeable future,” he said.
Hua Yang said the proposed acquisition was expected to be completed by first quarter of the financial year ending March 31, 2017.
The group has total undeveloped land bank of 222.58 ha with a potential gross development value of RM4 billion, it said.