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Wednesday, August 11, 2010

Bolton to buy land for RM72m

PETALING JAYA: Bolton Bhd through subsidiary Ketapang Realty Sdn Bhd had entered into a sale and purchase agreement with LP Heights Sdn Bhd to acquire 9.12ha leasehold land for RM72mil cash.

It told Bursa Malaysia yesterday the land was located in district of Gombak, Selangor.

Bolton plans on that land, a gated and guarded residential project with a gross development value of RM220mil and will generate a gross development profit of RM45mil.

It said the proposed acquisition would be funded through internally generated funds and bank borrowings. “The proposed acquisition is in line with Bolton’s objective to focus on its core business of property development, thereby increasing the group’s land bank so as to enhance the group’s future development earnings.”

By The Star

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