OSK to launch RM3.6bil mixed development project in Seremban

AN ARTIST'S IMPRESSION OF MENANG CORP BHD/OSK PROPERTIES SDN BHD'S SOLEIL DOUBLE-STOREY TERRACE HOUSES IN SEREMBAN 3 TOWNSHIP IN SEREMBAN.

KUALA LUMPUR: OSK Holdings Bhd, through indirect unit Aspect Synergy Sdn Bhd, plans to undertake an integrated residential and commercial development in Seremban, Negri Sembilan, with-an estimated gross development value of RM3.6bil.

In a filing with Bursa Malaysia, the property investment/ development and capital financing group said the project would comprise mixed landed and high rise residential and mixed commercial components.

On Friday, Aspect Synergy had bought the land where the project was to be sited from AmBank (M) Bhd. OSK is buying the six parcels of land totalling 767.73 acres for RM145mil, or RM4.34 per sq ft.

OSK said the lands were strategically located in Seremban South bordering Bandar Sri Sendayan and within the proximity of Seremban 2.

“The proposed acquisition will enable OSK to increase its existing property development landbank and to strengthen its presence in the growing Seremban locale,” it said.

“Seremban has been announced to be one of the stops for the much anticipated Kuala Lumpur-Singapore High Speed Rail (HSR) project which connect Kuala Lumpur to Singapore. With improved infrastructures and connectivity to major cities such as Kuala Lumpur, Johor Baru and Singapore, demand for housing in Seremban is expected to grow.”

OSK has previously completed two projects in Seremban - Seremban 3 and Mon’t Jade, with a total gross development value of RM220mil, which were fully sold.

OSK Holdings shares closed unchanged at RM1.63 on Friday.