Executive chairman Datuk Mohamed Azman Yahya said the acquisition was in line with the company's strategy to expand its landbank with strategic acquisitions of prime parcels in the Klang Valley.
"We intend to develop this site into a modern, thriving community and we are optimistic about the demand for high-end residential units here," the company said in a statement today.
Bolton, through its sub-subsidiary Ketapang Realty Sdn Bhd, entered into a conditional sale and purchase agreement with LP Heights Sdn Bhd to acquire the land which comes with a development order for the development of 184 residential units comprising semi-detached and terraced houses, including town villas.
Mohamed Azman said the company was planning to seek approval for layout amendment of the development order. He said the revised plan was expected to yield an estimated gross development value of about RM220 million.
The project would begin upon obtaining all the approvals from the relevant authorities with an estimated development period of three years, he added.
By Bernama
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