MKH buys land in Bangi for RM42mil
PETALING JAYA: MKH Bhd is acquiring a parcel of freehold land measuring approximately 14.91 acres in Bangi, Selangor from Inch Kenneth Kajang Rubber Public Ltd Co (IKKRPLC) for RM42.21mil.
In a filing with Bursa Malaysia, the property developer and construction company said the proposed acquisition will provide an opportunity for the group to further expand and leverage on its expertise and success in property development in Selangor.
'The proposed residential and commercial development on the land augurs well for the group's future growth and earnings prospects.'
MKH said the Land is currently planted mainly with oil palm trees.
The surrounding vicinity of the land includes Serene Heights and Taman Setia Alam Sari housing development and Universiti Kebangsaan Malaysia.
MKH said it proposes to undertake a commercial development project on the land with an estimated gross development value of approximately RM170mil.
MKH said the proposed acquisition will be funded through a mixture of internally generated funds and bank borrowings.
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