PETALING JAYA: Property developer Avaland Bhd
is acquiring nine parcels of freehold development land at Jalan Putra, Kuala Lumpur from Tan Chong Motor Holdings Bhd for RM148.8mil.
In a filing with Bursa Malaysia, the company said the proposed acquisition is in line with the group’s long-term strategic objective to strengthen and expand its footprint within the Klang Valley.
“This acquisition will also further solidify the group’s footing in Kuala Lumpur, complementing its existing presence in Seputeh and Taman Desa, and presents an opportunity to strengthen its brand presence through the introduction of investment-focused product offerings in a prime urban location.
“Moreover, the proposed acquisition would reinforce the group’s brand positioning as a high-quality property developer in the Klang Valley.”
Avaland said the Land is strategically located within an established neighbourhood surrounded by prominent high-rise developments and key landmarks including Sunway Putra Mall, World Trade Centre Kuala Lumpur, Chow Kit Road Market, Petronas Twin Towers, Bukit Bintang, Menara Kuala Lumpur, Dataran Merdeka, and Titiwangsa Park.
