Ageson unit enters MoU to sell 9.3-acre Gombak land ahead of proposed development

KUALA LUMPUR: Ageson Bhd's 99%-owned subsidiary Solidvest Properties Sdn Bhd has entered into a memorandum of understanding with Koperasi Belia Nasional Bhd (Kobena) to sell a 9.325-acre tract of land in Gombak, Selangor, for a consideration of RM35mil cash.

It said in a filing with Bursa Malaysia, Kobena intends to appoint Solidvest as the developer for a proposed residential development on the land comprising of 56 semi-detached houses and four bungalows, as well as a pump house and suction tank and an electrical substation.

According to Ageson, the estimated gross development value of the project is RM85.2mil while the estimated gross development cost is RM41.2mil, which will be jointly financed by Solidvest's collaboration partner, ShuangLing Holdings Ltd.

The proposed project is expected to commence with three months from the date of approval to be obtained by Solidvest and will take about two years for completion.

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