PETALING JAYA: TSR Capital Bhd plans to develop two office tower blocks with an estimated gross development value of RM230mil in Mutiara Damansara, Petaling Jaya, on land bought from Habib Jewels managing director Datuk Seri Meer Sadik Habib and his wife.
The construction firm told Bursa Malaysia that the land had good development potential and prospects, and the proposed acquisition was in line with the TSR group’s future expansion plan to strengthen its presence in property development in the Klang Valley.
TSR Mix Sdn Bhd, a unit of TSR Capital, yesterday entered into a conditional agreement with Meer Sadik and Datin Sri Zarida Noordin to acquire their entire paid-up share capital of Satu Kahwin Sdn Bhd (SKSB), which owns the 5,078-sq-m freehold land on which the proposed commercial project will be sited, for RM48.1mil.
The amount includes the redemption of the outstanding term loan facility of RM11.39mil, which was obtained by SKSB to part-finance the initial purchase of the land.
TSR Capital said the land had secured a development order approval from the Petaling Jaya City Council for a proposed development of two blocks of office towers comprising 19 storeys and 11 storeys together with four storeys of basement carparks.