KUALA LUMPUR: Boustead Holdings Bhd (BHB) unit Mutiara Rini Sdn Bhd (MRSB) has proposed to acquire three parcels of land totalling 5.2 ha in Kuala Lumpur from Lembaga Tabung Angkatan Tentera (LTAT) worth RM106.69 million.
In a filing to Bursa Malaysia today, BHB said the acqusition would allow MRSB to expand its existing land bank and provides oportunities for property development activities for the company in the Kuala Lumpur city centre location.
"BHB is optimistic on the prospects of the properties considering their strategic location in the city centre with good accessibility to major highways and close proximity to public amenities.
"The properties are also expected to benefit from the Mass Rapid Transit station at Cochrane which will create demand for both commercial and residential properties in this location," it added.
BHB said the purchase price will be funded through a combination of bank borowings and internally generated funds.
"Barring any unforeseen circumstances, the proposed acquisition is expected to be completed before the end of this year," it said.