Avaland Unit Acquires Taman U-Thant Land For RM86 Mln
KUALA LUMPUR, April 28 (Bernama) -- Avaland Bhd’s wholly owned subsidiary Nexus Advertising Sdn Bhd has entered into a conditional sale and purchase agreement with Tong Ah Company Sdn Bhd to acquire freehold land at Taman U-Thant here for RM86.04 million.
The acquisition comprises three adjoining parcels of freehold development land measuring approximately 7,612.63 square metres in aggregate.
In a Bursa Malaysia filing today, the property developer said the proposed acquisition is in line with the group’s long-term strategic objective to strengthen and expand its footprint within the Klang Valley.
“This acquisition will further enhance the group’s presence in the luxury residential segment, building on the strong market response and success of the group’s earlier luxury developments, Aetas Damansara and Aetas Seputeh,” it said.
It added that the land is strategically located within Taman U-Thant, an established and exclusive embassy enclave known for its low-density environment and high-end residential developments.
“The land is located approximately 2 kilometres (km) from Kuala Lumpur City Centre and 10 km from KL Sentral. It is also close to key amenities such as Prince Court Medical Centre, the Royal Selangor Golf Club, several reputable international schools and premium lifestyle facilities,” it said.
The company said it intends to fund the purchase consideration through a combination of internally generated funds and bank borrowings.
“The exact funding mix will be determined by the management at a later stage after taking into consideration the group’s gearing level, prevailing interest rates, and the group’s internal cash flow requirements to support its ongoing business operations.
“Barring unforeseen circumstances, the proposed acquisition is expected to be completed by the first quarter of 2027,” it added.
-- BERNAMA