PETALING JAYA: Asian Pac Holdings Bhd
’s wholly-owned subsidiary BH Builders Sdn Bhd has agreed to dispose of a tract of freehold land with a net land area of about 36ha in Ulu Langat, Selangor to Kueen Lai Properties Sdn Bhd for RM87.69mil.
The land, located between the Bandar Sunway Semenyih and Kajang Semenyih by-pass, is currently vacant.
According to Asian Pac, the disposal consideration is at a 4.2% or RM3.8mil discount to the market value of the land of RM91.5mil as valued by an independent valuer on April 3, 2025.
“The board has carefully considered the proposed disposal and is of the view that the discount to market value is reasonable considering the prevailing demand for large parcels of land in Semenyih after negotiations with the purchaser and the group’s overall financial strategy,” said Asian Pac in a filing with Bursa Malaysia.
The disposal price represented a substantial premium of about RM66.8mil or 3.1 times the company cost of investment of RM20.9mil paid on May 19, 2024.
The net proceeds from the proposed disposal would to be utilised for the group’s working capital, current and upcoming developments and paring down of gearing.
