HUA YANG EYES MIXED DEVELOPMENT IN KAJANG

Developer to unveil mixed project with gross development value of RM800m

PROPERTY developer Hua Yang Bhd plans to unveil a mixed project with a gross development value (GDV) of RM800 million in Kajang, Selangor, comprising serviced apartments, retail units and affordable homes.

This follows its acquisition of another property developer, Ka- jang Heights Development Sdn Bhd, along with 8ha of freehold land for a total purchase consideration of RM70 million.

The acquisition was in line with the group’s objective, which was to expand its presence in the Klang Valley, said the company in a statement yesterday.

Hua Yang chief executive officer Ho Wen Yan said the Klang Valley currently contributed 31 per cent to the company’s total revenue as of the second quarter of the financial year ending March 31, 2018 (FY2018).

“By stepping up land acquisitions in the Klang Valley and focusing on affordability, we will be in a better position to meet market demand,” he said.

Funded by internally-generated funds and/or bank borrowings, the company said the acquisition would not have any impact on the group’s business operations.

Barring any unforeseen circumstances, it said, the acquisition was expected to be completed by the first quarter of its 2019 financial year.

The group currently has a total undeveloped landbank of 189.8ha, with a potential GDV of RM4.5 billion. Bernama

By stepping up land acquisitions in the Klang Valley and focusing on affordability, we will be in a better position to meet market demand.

HO WEN YAN Hua Yang chief executive officer