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Wednesday May 7, 2008

Metro plans RM1.5bil Kajang 2

KAJANG: Metro Kajang Holdings Bhd will embark on a RM1.5bil high-end gated and guarded development on its newly acquired 272-acre freehold land here.

To be launched next March, the project will be developed over eight years. It will have 3,500 bungalows, semi-detached houses and three-storey super link homes, apartments, commercial units and private schools.

Metro Kajang has announced to Bursa Malaysia on Monday the acquisition of 96% undivided share in 12 parcels of land in Hulu Langat by subsidiary Srijang Kemajuan Sdn Bhd for RM77.9mil cash.

Datuk Alex Chen Kooi Chiew

Another wholly-owned subsidiary Intra Tegas (M) Sdn Bhd holds the remaining 4% undivided share of the land that was bought for about RM2mil more than five years ago.

The land, 2.5km from Kajang town centre and easily accessible via the SILK Highway and Jalan Reko, is bordered by matured housing estates and is partly planted with rubber trees.

Executive chairman Datuk Alex Chen Kooi Chiew told StarBiz Metro Kajang had been eyeing the land for more than 10 years.

However, it was only now that the company was able to complete the entire deal with the parcel owners, he said.

“This land is probably the biggest single piece so near to the town centre. We feel it is worthwhile to buy no matter the amount of efforts and hardship we have to endure as long as it benefits our shareholders,” he added.

Chen said the development would be tentatively called Kajang 2 but the name might later be changed. It would have a gross development value of RM1.5bil.

“We want to develop it into an integrated and self-contained township. Our first launch would be semi-detached houses, bungalows and super link homes,” he said.

On the recent acquisition of 15,942ha land in Kalimantan for RM24mil in January, Chen said based on its survey, the land was suitable for oil palm planting and harvesting.

“We have completed planting on 1,800ha. The plantation is intended to provide long-term earnings for Metro Kajang,” he added.

 
METROK :  [Stock Watch]  [News]

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