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 filing with Bursa Malaysia 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 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. Completion is targeted by the first quarter of 2027.
