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Friday, June 1, 2012

Glomac arm to buy land in Sepang for RM66m

Magical Sterling Sdn Bhd, a wholly-owned subsidiary of Glomac Bhd, has proposed to acquire 77.5 hectares of land in Sepang, Selangor, for RM66.821 million, or RM8.00 per sq ft.

In a filing to Bursa Malaysia today, Glomac said Magical Sterling has entered into a sale and purchase agreement with Lee Ching Cheng Dengkil Oil Palm Plantations Sdn Bhd for the proposed acquisition.

The purchase consideration for the land, cultivated with oil palm trees, was arrived at on a willing-buyer willing-seller basis, after taking into consideration the development potential of the land and the market value of the properties surrounding the area.

The proposed acquisition, to be paid wholly in cash from internally generated funds and borrowings, is in line with Glomac's core strategy of acquiring suitable development landbank within the Greater Kuala Lumpur with strong potential for prime and sizeable new developments with high development value.

Glomac added it intends to develop a mixed residential development project on the land.

By Bernama

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