Avaland Bhd has entered into an agreement to acquire a prime development land measuring 2.2 acres (0.89 hectares) in Section 13, Petaling Jaya for RM49 million.
The acquisition will be financed through a combination of the firm’s internal funds and financing from financial institutions.
The organisation said the land will be developed as a high-rise commercial project with an estimated gross development value (GDV) of RM320 million.
Chief Executive Officer, Apollo Bello Tanco said the acquisition is in line with the company’s strategy of developing quality projects in the Klang Valley to leverage on mature locations, good infrastructure and proximity to the city centre.
Apollo also told us that he is optimistic that the addition will strengthen Avaland’s development network and contribute positively to Avaland’s long-term earnings.
He also discussed the company’s continued commitment to exploring strategic land acquisition opportunities to support sustainable growth and add value.
