KUALA LUMPUR: Gamuda Bhd via its wholly owned subsidiary Gamuda Land Sdn Bhd inked a deal with Kundang Properties Sdn Bhd to acquire eight parcels of freehold land measuring about 532 acres next to its Gamuda Gardens development in Gombak, Selangor, for RM360mil.
The group said the land is slated to be the site of a mixed-development project with a gross development value of about RM3.3bil, scheduled for launch in 2026.
Gamuda said in a filing with Bursa Malaysia the acquisition will be funded with internally generated funds and borrowings.
"This acquisition will strengthen our presence in northern Klang Valley where we have already developed and invested substantially in the very successful Gamuda Gardens.
"Today, we see an overall average uptake of more than 90% for all landed properties launched here since 2017. The new acquisition will help to replenish Gamuda Land’s landed residential offerings in the area as a continuation to the success of Gamuda Gardens.
"We anticipate a greater uptake for our future products with the upcoming retail, leisure and commercial properties in the next two years to tailor for the burgeoning market in this area," said Gamuda Land CEO Chu Wai Lune in a statement.
He added that the investment will create synergies for both Gamuda Gardens and the new parcel as the developments will be connected via a 1km woodland boulevard.
"The new acquisition will unlock toll-free access from Gamuda Gardens to Rawang town, which will drive traffic to and from Gamuda Gardens and bring in substantial footfall. With this connectivity, the retail, leisure and commercial activities in the township can benefit from a wider catchment.
"At the same time, our residents from both parcels will have easy access to all the amenities within a short distance away,” Chu said.
Gamuda Land’s remaining landbank stands at 3,344 acres amounting to RM55.3bil in gross development value with a total development period of 15 years.
It said the landbank is spread across Malaysia, Vietnam, Australia, Singapore and the UK.