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Thursday, December 23, 2010

L&G to develop RM555mil upscale housing project in Seremban

PETALING JAYA: Land & General Bhd (L&G) plans to develop an upscale residential development with estimated gross development value of RM555mil in Seremban.

L&G told Bursa Malaysia that its wholly-owned subsidiary Bright Term Sdn Bhd had signed a conditional agreement to acquire 10 parcels of land in Seremban with a 27-hole golf course for RM25mil.

The properties, located in the Tuanku Jaafar Golf & Country Resort, would be developed to include bungalow lots, double-storey cluster semi-detached houses, link cluster houses and apartments, L&G said.

It expects gross development profit of RM135.52mil, excluding land cost.

The proposed development, to be completed in 2018, will be financed through internally generated funds and borrowings.

By The Star

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