GAMUDA UNIT ACQUIRES FREEHOLD LAND IN BANDAR KUNDANG FOR RM360 MLN
KUALA LUMPUR, Jan 3 (Bernama) -- Gamuda Bhd’s wholly-owned subsidiary, Gamuda Land (Botanic) Sdn Bhd, has acquired eight parcels of freehold land measuring about 215.3 hectares in Bandar Kundang, Selangor from Kundang Properties Sdn Bhd for RM360 million.
In a filing with Bursa Malaysia, it said the purchase was synergistic since the land parcels are located next to the group's existing 327.8-hectare Gamuda Gardens township in north of Sungai Buloh.
Gamuda said that the acquired property is easily accessible via three major expressways, namely the North-South Expressway, LATAR Expressway and the Guthrie Corridor Expressway.
“The development of the land following the acquisition is planned as an extension of the existing Gamuda Gardens township and aims to offer Gamuda’s branded homes with the right product concept and price to differentiate from other developers,” it said.
Gamuda said the deal was in line with its five-year business plan of achieving an annual sales target of RM8 billion and coherent towards expanding into familiar areas.
Barring unforeseen circumstances, the acquisition is expected to be completed by the end of the second quarter of 2023, it added.
-- BERNAMA
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