KUALA LUMPUR, Feb 3 — Selangor Properties Bhd (SPB) 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 RM32.2 million.
In a filing to Bursa Malaysia, SPB said the land measuring 5,252.66 square metres was adjoined and contiguous to its existing 1.99-hectare land in Damansara Heights, which has been earmarked for residential development.
The proposed development on the land together with SPB’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, SPB needs to pay a deposit of RM3.22 million while the balance of RM28.98 million 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.