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Tuesday, March 30, 2010

Bolton LYL buys land for RM39mil

PETALING JAYA: Bolton Bhd via subsidiary Bolton LYL Sdn Bhd has agreed to buy about 5.5 acres in Kuala Lumpur for RM39mil cash from Intrapuri Sdn Bhd.

It told Bursa Malaysia the proposed development of the land would consist of medium high-end service apartments with podium car parks and facilities with an estimated gross development value and gross development cost of RM280mil and RM220mil respectively.

It added that the development was expected to commence upon completion of the proposed acquisition and after obtaining all the approvals from the relevant authorities with an estimated development period of five years.

The development cost would be financed through internally generated funds and bank borrowings, it said.

By The Star

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