Meda Inc in KL mixed development project with GDV of RM882mil

PETALING JAYA: Property developer Meda Inc Bhd is buying two neighbouring parcels of freehold land in Kuala Lumpur from BCM Holdings Sdn Bhd for RM180mil.

The company plans to build serviced apartments and commercial property there with an estimated gross development value (GDV) of RM881.9mil.

In a filing with Bursa Malaysia, Meda said it expected to make a gross profit of RM176.38mil from the development. 

Meda said the project was scheduled to start in the fourth quarter of 2015 and be completed in four years.

According to the company, the proposed acquisition represents a timely and unique opportunity to acquire landbank in the Klang Valley, aside from strengthening its position as a developer in the area.

Also, the two properties are located in a prime area within a mature industrial estate known as Chan Sow Lin in Kuala Lumpur and close to other established developments, such as Fraser Business Park, Southgate Commercial Centre, the Tun Razak Exchange and Sunway Velocity, it said.

The project will have several phases, with Phase 1 expected to contain 294 units of serviced apartments and shop offices/shop lots.

Meda closed 0.5 sen higher at 59.5 sen on Thursday.