HuaYang ... Oct12

Hua Yang Bhd is acquiring 29.20 acres of land in Puchong, Selangor from Mentaru Hari Sdn Bhd for RM158mil and plans to undertake mixed development with an expected gross development value of RM1.52bil.

It had entered into a conditional sale and purchase agreement with Mentari Hari to acquire five vacant plots of leasehold land in the Petaling district. The lease expires in December 2110.

The purchase consideration of RM158mil is expected to be funded via internally-generated funds and bank borrowings..

The group's strategy is to acquire and continue to expand its current land bank which is about 766 acres and are in the Klang Valley, Perak, Seremban and Johor.

Its plan was to undertake affordable priced properties while maintaining modern and city lifestyle concepts to attract the younger generation of the surrounding matured residential areas of Puchong, Shah Alam and Subang due to population growth in these areas.

It proposed mixed development comprising serviced apartments and offices / lifestyle studio office suites together with parking facilities, clubhouse and amenities with an expected gross development value of approximately RM1.52bil and gross development cost of RM1.22bil, amounting to gross development profit of approximately RM300mil.

The proposed development is expected to be launched in the fourth quarter of 2014 with a development tenure of six to eight years.