Hua Yang to develop RM346mil property project in Johor Baru

KUALA LUMPUR: Hua Yang Bhd plans a mixed development project in Johor Baru with an estimated gross development value of RM346.4mil.

The property developer told Bursa Malaysia that the development, located on 73.16 acres within Iskandar Malaysia’s eastern corridor and next to Kota Masai, would comprise cluster houses, semi-detached houses and shop offices, among others.

It said it had on Monday acquired Grand View Realty Sdn Bhd, which owns the freehold land where the project will be sited, for RM52.9mil in cash.
 
Hua Yang chief executive officer Ho Wen Yan said in a statement that Johor was an important market for the group and this proposed acquisition was in line with the group’s objective to expand its operations in the southern region. 

“As the landbank is strategically located within Iskandar Malaysia’s eastern corridor, we expect demand for affordable homes and commercial properties in this area to be on the rise in the foreseeable future,” he said.

Ho added that he was confident that the group would be able to leverage on Hua Yang’s capabilities of building quality yet affordable homes to fully unlock the potential of this strategically located landbank.

The proposed land acquisition is expected to be completed by the first quarter of its financial year ending March 31, 2017. 

The group now has a total undeveloped land bank of 550 acres with a potential GDV of RM4bil.

Hua Yang shares shed 1 sen to close at RM1.87 on Monday.