Hua Yang Acquires Leasehold Land For RM120 Million

Date：2015/02/04

KUALA LUMPUR -- Property developer Hua Yang Bhd, through its wholly-owned subsidiary Prisma Pelangi Sdn Bhd, has acquired 3.60 hectares of leasehold land which expires in May 2111 for RM120 million.
 
In a statement Friday, Hua Yang said the land, located along the Middle Ring Road 2 (MRR2) route in Selayang has been earmarked for a mixed-development project with an estimated gross development value (GDV) of RM800 million.
 
Chief Executive Officer Ho Wen Yan said the sales and purchase agreement is expected to be completed by the second quarter of the company's financial year ending March 31, 2016.
 
"This latest acquisition is also in line with our aim of replenishing our current landbank and puts us one step closer to achieving the goal of having a total undeveloped landbank GDV of RM5 billion," he added.
 
Hua Yang recently announced its acquisition of two plots of land in Bukit Mertajam, Penang.
 
The Group has now a total undeveloped landbank of 203.15 hectares with a potential GDV of RM3.9 billion.
 



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