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Thursday, July 19, 2012

Ken Holdings to buy land for green township project

PETALING JAYA: Ken Holdings has proposed to acquire land owned by Malaysia Building Society Bhd (MBSB) for RM56.17mil for the development of a green township.

In filings with Bursa Malaysia, the company said it would be acquiring the entire stake of MBSB's unit, Gadini Sdn Bhd. Gadini is the registered and beneficial owner of four parcels of land measuring a total of about 992,433 sq ft in Johor. The company said the estimated gross development value and cost for the potential development of the properties is about RM1.2bil and RM914.5mil respectively.

“The proposed development is hence expected to result in an estimated gross development profit of about RM300.9mil for the Ken Holdings Group over the next six to seven years commencing in 2013. It's too preliminary to ascertain the exact gross development value, gross development cost and gross development profit for the proposed development at this juncture,” it said.

By The Star

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