Boustead to buy land in Bukit Jalil from LTAT for RM172.8 mil

Boustead Holdings Bhd has proposed to acquire two plots of land held by the Armed Forces Fund Board (LTAT) in Bukit Jalil for a total cash consideration of RM172.78mil (RM369 psf). LTAT controls Boustead and has a 60.92% stake in the company.

Boustead said in a filing with Bursa Malaysia that the company had entered into a sale and purchase agreement with LTAT to acquire land measuring 10.74 acres out of 53.39 acres held under PN31560, Lot No 37825 in Mukim Petaling, Kuala Lumpur.

The 10.74 acres consist of a parcel of vacant commercial land measuring 5.75 acres, a parcel of vacant carpark land measuring 0.96 acres and 70 parcels of vacant terraced commercial shops measuring 4.03 acres.

Boustead said that the basis for the purchase consideration was from independent property valuer assessments that put the market value of the Bukit Jalil plots of land at RM161.7mil (RM345 psf)

Based on the development plan submitted by LTAT, a development order had been obtained from the Kuala Lumpur City Hall on May 16, 2016. Under the development order, the land plot in Bukit Jalil has been earmarked for a mixed development comprising, among others, commercial plots, car park plots, subdivided plots for shop offices and other ancillary structures.

source: the Star, Bursa Malaysia

Land Details:

Lot no: Part of PN 31560, Lot 37825, Mukim Petaling, District of Kuala Lumpur, Wilayah Persekutuan Kuala Lumpur
Land area: 10.74-acre
Tenure: Leasehold 99-year (expiring on 25 April 2095)
Category of land use: Building
Land price: RM172,780,035.48 mil (RM369 psf) – inclusive GST
Date of transaction: 19 December 2016
Vendor: Lembaga Tabung Angkatan Tentera (LTAT)
Purchaser:  Boustead Construction Sdn Bhd
Note: Land valued by Nawawi Tie Leung Property Consultants Sdn Bhd on 25 November 2016 for RM161.7 mil/RM345 psf (before GST) and RM171.402 mil/RM366 psf (after GST)

Location Map:

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