SDB to launch RM450mil residential project in Gombak

Selangor Dredging's Dedaun rooftop pool deck

KUALA LUMPUR: Selangor Dredging Bhd (SDB) plans to undertake a residential property development project in Gombak, Selangor, with a gross development value of RM450mil, which includes affordable housing units under the Rumah Selangorku scheme.

The property developer told Bursa Malaysia on Tuesday that it aimed to develop 588 units of residential properties, including up to 176 units of properties under the Selangorku scheme together with common facilities.

“The expected commencement and completion date(s) of development will be decided later,” it said.

On Tuesday, SDB’s unit SDB Properties Sdn Bhd inked an agreement to buy two pieces of freehold agricultural land measuring 4.097 acres from Alam Palma Development Sdn Bhd (APDSB), a unit of Ebic Development Sdn Bhd, for RM67.5mil for the development project.

APDSB has submitted an application to the relevant authority for approval to develop the said land in the Melawati area based on an increase of density from the existing density of eight units per acre to a density of 60 units per acre but it has yet to receive the approval for the development order.

The purchase is conditional on APDSB getting the development order.

SDB said the purchase price of RM4.8mil was lower than the market price of RM72.3mil based on the valuation report of Raine & Horne International Zaki + Partners Sdn Bhd dated Jan 11, 2016.

SDB shares were last traded on Friday last week at 94 sen.