PETALING JAYA, FEB 17: TSR Bhd is buying the entire stake in Satu Kahwin Sdn Bhd, a company which owns a 5,078 sq m development land in Sungai Buloh, Selangor, from Datuk Meer Sadik Habib, the managing director of jeweller Habib Jewels, and his wife Datin Seri Zarida Noordin for RM48.1 million.
In a filing with Bursa Malaysia, the company said it plans to embark on the construction of two blocks of office towers comprising 19 storeys and 11 storeys together with four storeys of basement carpark on the land, with an estimated gross development value of RM230 million.
“The board is of the view that the land has good development potential and prospects, and the proposed acquisition is in line with the TSR Capital’s future expansion plan to strengthen its presence in property development in the Klang Valley,” it noted.
TSR Capital also said it intends to partially sell/or lease the buildings to be developed on the land, where 70% of the lettable space is targeted to be sold and the remaining may be kept for rental income and capital appreciation.
“Since the land is adjacent to the company’s existing business operation located at Menara TSR, the value of the development and Menara TSR may be further enhanced when both buildings are connected via the carpark and the lobby area once completed,” it added.