Avaland expands KL presence with RM149mil land deal
The company plans to undertake a mixed-use commercial development on the site, with an estimated gross development value (GDV) of about RM900 million, subject to regulatory approvals.
The acquisition follows Avaland's recent land purchase in Section 13, Petaling Jaya. Combined, the two proposed developments are expected to deliver a GDV exceeding RM1.2 billion.
"The projects are expected to contribute meaningfully to the next phase of the group's earnings growth," it said in a statement.
The latest land deal will be financed through a combination of internally generated funds and bank borrowings.
Chief executive officer Apollo Bello Tanco said the acquisition aligns with the group's long-term strategic objective to strengthen and expand its footprint within the Klang Valley.
"It will enhance our presence in Kuala Lumpur by complementing existing developments in Seputeh and Taman Desa, while providing an opportunity to introduce investment-focused product offerings in a prime urban location.
"Moreover, the acquisition will reinforce the group's brand positioning as a high-quality property developer in the Klang Valley," he said.
Moving forward, he said Avaland will continue to build on this momentum as it remains focused on actively securing strategic landbanking opportunities within key growth centres across the Klang Valley to drive sustainable growth.
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