PETALING JAYA: GDB Holdings Bhd
is buying three parcels of land in Kuching, Sarawak, for a proposed mixed development with an estimated gross development value of RM700mil.
The venture marks GDB’s first property development in Sarawak and a strategic move to diversify beyond its core construction operations.
GDB Development Sdn Bhd, a wholly-owned subsidiary of the GDB, will buy the land parcels measuring 21,926 sq mt in total in the Kuching Central and Muara Tebas land districts for RM32.7mil cash from Mighty Metaverse Sdn Bhd, Borneo 1 Stop Business Services Sdn Bhd and Sport Pavillion Sdn Bhd.
The proposed development will be delivered in multiple phases, comprising serviced apartments, SOHO units, retail components, and anchor tenants, complemented by full facilities and car parks, GDB stated in a release today.
Andy Lai Wee Young, executive director and acting group managing director of GDB said the land acquisition in Kuching marks GDB's first venture into property development and will draw on the Group’s proven expertise in construction and project execution capabilities.
"We are well-positioned to utilise our resources and manage the development cost effectively. We aim to establish ourselves as a value-added construction firm capable of undertaking property development, driving long-term growth and creating sustainable value for shareholders,” he stated in the release.
The acquisitions will be funded through a combination of internal resources and bank borrowings. The transactions are expected to be completed within nine months from the date of execution of the respective sale and purchase agreements.
