Maxim to buy land in USJ for RM95mil

PETALING JAYA: Maxim Icon Sdn Bhd, a 70%-owned unit of Maxim Global Bhd, had entered into an agreement worth RM95mil to purchase two plots of freehold land measuring 5.8 acres in UEP Subang Jaya (USJ), here.

As the registered owner of the land is the late Low Teck Choon, the deal was conducted through the joint administration of his estate by Low Siew Ley and Chin Hon Fah, with valuation being carried out by independent valuer Knight Frank Malaysia Sdn Bhd.

In a filing with Bursa Malaysia, the group revealed that the location of the plots is in a prime, well-developed and mature township situated next to the South Quay-USJ 1 Bus Rapid Transit station.

It noted that the plots are in the transit-oriented development in Subang Jaya, on top of being situated in an area marked out for commercial usage and is suitable for business and mixed development after conversion.