UOA Development Bhd has acquired property developer Naik Makmur Development Bhd for RM24.67 million cash, to expand its existing land bank in the district of Pantai, Kuala Lumpur. (location map below)
Owned by Lembah Bayusegar Sdn Bhd, Naik Makmur holds two parcels of freehold land in Pantai totalling 2,509 sq m or 0.62 acre.
UOA said the purchase consideration, which will be satisfied by cash from internally generated funds, was arrived at on a willing buyer willing seller basis after taking into account the development potential of the land. Whilst there is no formal valuation performed on the land, the company is aware of the market value as the land is within close proximity to other parcels of land held by the group.
UOA plans to develop the land, which is then expected to contribute positively to its earnings in the future, but said its gross development value and costs have yet to be ascertained.
Lot no: Lot 54983 and Lot 54984, both in Mukim Kuala Lumpur, Daerah Kuala Lumpur, Negeri Wilayah Persekutuan Kuala Lumpur
Land area: 0.62-acre
Category of Land Use: n.a
Transaction Price: RM24,665,359 (inclusive of liabilities of company to be assumed)
Date of transaction: 27 Dec 2018
Vendor: Naik Makmur Development Sdn. Bhd.
Purchaser: UOA Development Berhad