Monday 17 Feb 2025
By
main news image

KUALA LUMPUR (Jan 26): Selangor Dredging Bhd is buying two parcels of agriculture land in Ulu Klang for RM67.5 million cash.

In a filing with Bursa Malaysia today, Selangor Dredging said its wholly owned unit SDB Properties Sdn Bhd had entered into an agreement with Alam Palma Development Sdn Bhd to acquire the two agriculture lands.

Selangor Dredging expects a gross development value of RM450 million on the tract.

According to the announcement, Alam Palma has submitted an application to the relevant authority for approval to develop the land in relation to its intended development based on, inter alia, increase of density from the existing density of eight units per acre to a density of 60 units per acre to permit the construction of 588 units of residential properties, which shall be inclusive of no more than 176 units of properties under the Selangorku scheme together with common facilities.

However, as at the date of the agreement, Alam Palma has yet to obtain the approval from the relevant authority for the intended development.

In the event that Alam Palma fails to obtain the approval, the statement said SDB Properties shall be entitled at its discretion to either grant further time to Alam Palma or to terminate the agreement.

Selangor Dredging said the property is strategically located in the centre of the Melawati community and conveniently surrounded by amenities including shopping centres, schools, a college and hospitals. The property is also linked to major highways and roads.

The purchase price will be funded by bank borrowings and unit of properties developed by the group while its development will be funded by a combination of internally generated funds and/or bank borrowings.

Selangor Dredging's share price closed unchanged at 94 sen for a market capitalisation of RM406 million.

(Note: The Edge Research's fundamental score reflects a company's profitability and balance sheet strength, calculated based on historical numbers. The valuation score determines if a stock is attractively valued or not, also based on historical numbers. A score of 3 suggests strong fundamentals and attractive valuations.)

 

      Print
      Text Size
      Share