UOA Development Bhd is acquiring a property development company (Cosmo Housing Development Sdn Bhd) that owns 9.4 acres of freehold residential land in Sri Petaling, for RM61.06 million. UOA intends to convert the land into commercial land and develop into a RM1 billion mixed development. Phase 1 of the development consists of 1,386 units serviced apartment, 6 units 4-storey shop office and a 2-storey cafe building. The total gross development value is estimated to be RM1 billion.
No formal valuation has been performed on the Land, as the Company is aware of the market value as the Land is adjacent to existing parcels of land held by the Group.
Lot no: Lot 1674, Lot 101227, Lot 101226, Lot 101229, Lot 101228, Lot 1677, Lot 33230, Lot 33061, Lot 33060, Lot 33050, Lot 33062, Lot 33080 and Lot 33237, all in Mukim Petaling, Daerah and Negeri Wilayah Persekutuan Kuala Lumpur
Land area: 9.4 acres
Category of Land Use: Residential (to be converted to commercial)
Acquisition price of the company: RM61,062,520
Date of transaction: 23 February 2018
Serviced Apartment/4 blocks/40-storey/1,386 units
Shop Office/4-storey/6 units
Cafe Building/2-storey/1 unit