PETALING JAYA: Avaland Bhd
has entered into a conditional agreement to acquire three adjoining parcels of freehold land in Taman U-Thant, Kuala Lumpur, for RM86.04mil as part of its expansion in the Klang Valley.
In a bourse filing on April 28, the group said its wholly owned subsidiary, Nexus Advertising Sdn Bhd, will purchase the 7,612.63 sq m site from Tong Ah Company Sdn Bhd.
The land, currently zoned for residential use, is intended for a high-rise residential development with an estimated gross development value of about RM700mil.
The purchase price was agreed on a willing-buyer willing-seller basis and is broadly in line with an independent valuation of RM88mil. Avaland said the acquisition will be funded through a mix of internal funds and bank borrowings.
The site is located within an established embassy enclave, two kilometres from Kuala Lumpur city centre, with access to major roads including Jalan Ampang and Jalan Tun Razak.
The group said the acquisition supports its strategy to strengthen its presence in the luxury residential segment and is expected to contribute positively to future earnings. Completion is targeted by the first quarter of 2027.
