KUALA LUMPUR: Lim Seong Hai Capital Bhd
via its wholly-owned subsidiary Astana Setia Development Sdn Bhd has inked a deal with Railway Assets Corp to acquire two parcels of land measuring about 17.4 acres in the vicinity of Subang Jaya, Selangor, for RM197.9mil.
Under the terms of the agreement, the group will undertake a mixed-development project on the land, comprising up to six residential towers with integrated retail and/or commercial components, carrying an estimated gross development value (GDV) of RM1.91bil.
It said in a statement the lands are expected to be developed in phases over an estimated five-year period.
According to LSH, the development is expected to serve as one of the catalysts for economic growth and enhanced mobility with integrated connectivity within the transport hub in Selangor.
The development will also stimulate construction and construction-related activities and provide employment opportunities, while supporting sustainable and inclusive long-term transport-oriented development.
“This project’s estimated gross development cost (GDC) of RM1.32bil is expected to add strategic scale to our construction and property pipeline, and also stands as a testament to the trust that partners such as RAC place in LSH Capital’s track record of disciplined execution.
"We look forward to unlocking the full potential of this landbank to deliver sustainable, long-term value to our shareholders and the communities we serve,” said Tan Sri Datuk Seri Lim Keng Cheng, non-executive chairman of LSH Capital.
