PETALING JAYA: Property developer Meda Inc Bhd is buying two parcels of freehold land in Kuala Lumpur from BCM Holdings Sdn Bhd for RM180mil.
The company is planning to build serviced apartments and commercial property with an estimated gross development value (GDV) of RM881.9mil.
In a filing with Bursa Malaysia, Meda said the gross development cost of the project was estimated at RM705.5mil. It expected to make a profit of RM176.4mil from the development.
Meda said the project is scheduled to start in the fourth quarter of 2015 and be completed in four years.
The proposed acquisition represents a timely and unique opportunity for Meda to acquire landbank in the Klang Valley, aside from strengthening its position as a developer in the area.
Also, the two properties are located in a prime area within a mature industrial estate known as Chan Sow Lin in Kuala Lumpur and close to other established developments, such as Fraser Business Park, Southgate Commerical Centre, the Tun Razak Exchange and Sunway Velocity, it said in the filing with Bursa. It added that the project would have several phases, with Phase 1 expected to contain 294 units of serviced apartments and shop offices/shop lots.
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