Maxim Global unit buys Subang Jaya land for RM95mil

KUALA LUMPUR: Maxim Global Bhd subsidiary Maxim Icon Sdn Bhd has acquired 2.35 hectares (5.81 acres) of two contiguous freehold plots in Mukim Damansara, Daerah Petaling, Selangor for a total purchase consideration of RM95 million, or RM375.25 per square foot.

In a filing with Bursa Malaysia, Maxim said the group acquired the land through a sale and purchase agreement with the joint administrators of the estate of Low Teck Choon.

The group said the proposed acquisition will supplement the group’s existing land bank at strategic locations with potential growth.

The commercial land is located in front of the dedicated South Quay-USJ 1 BRT (Bus Rapid Transit) station within an area designated as a transit-oriented development zone in the Subang Jaya township.

"This is in line with Maxim’s aim to further strengthen its foothold in the property development and construction activities, and to generate long-term sustainable income,” it said.

Maxim said the proposed acquisition is expected to be completed within nine months of the date of execution of the sales and purchase agreement. - Bernama