Posted on January 28, 2016
By Sangeetha Amarthalingam, The Edge Markets
Selangor Dredging Bhd ( Valuation: 3.00, Fundamental: 1.30) 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.
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