PETALING JAYA: Selangor Dredging Bhd
(SDB) is acquiring a piece of freehold commercial land measuring 1.214 hectares in Petaling Jaya, Selangor, from Hectare Square Sdn Bhd for RM63mil.
In a filing with Bursa Malaysia, the property developer said the land has development potential and is part of the SDB Group’s ongoing identification of suitable properties to add to its land bank.
“SDB is proposing to develop the land into high-rise serviced apartments with large open space with good family facilities development.
“The total development costs, the expected commencement, completion date(s) of development and the expected profits to be derived from the development of the land have yet to be ascertained at this juncture, as the detailed development plan has yet to be finalised.”
SDB said the acquisition is not expected to have any material effect on its consolidated earnings for the financial year ending March 31, 2025.
“However, the acquisition is expected to contribute positively to the medium and long-term earnings of the group.”
