SDB to buy Sepang land for RM88mil

PETALING JAYA: Selangor Dredging Bhd (SDB) is acquiring vacant leasehold land measuring 29.19 acres in Sepang, Selangor from Xtra Touch Sdn Bhd for RM87.9mil.

In a filing with Bursa Malaysia, SDB said the land has development potential and is part of the company’s ongoing identification of suitable properties to add to the group’s land bank.

SDB said in the statement that it is proposing to develop the land into 550 units of two and three-storey terrace houses with a gross development value of RM609mil.

“The net gearing ratio of the SDB Group will be increased by 6.93% to 36.60% after the acquisition,” it said.