KUALA LUMPUR: Investment holding company Gadang Holdings Bhd has obtained shareholders’ approval for its proposal to buy 62.84 acres (25.43 ha.) of freehold land in Semenyih from Sementar Properties Sdn Bhd for RM95.8 million in cash.
Managing Director Ling Hock Hing told Bernama the acquisition by its indirect wholly-owned subsidiary Crimson Villa Sdn Bhd is to build a mixed development of residential units and shop offices.
“Subject to the authorities’ approval, our plan is for a central park surrounded by terrace and triple-link houses.
“This project is targeted to be launched by end-2015 with a minimum estimated Gross Development Value of RM450 million, and we are looking to increase the value,” he said after the company’s extraordinary general meeting at the Sri Damansara Club today.
Ling added that Gadang has paid around RM9 million for the proposed acquisition with RM86.23 million left to be settled.
“We have had some offers for borrowings of RM70 million from banks at this juncture but the balance of the fund will be taken internally,” he said.
Gadang Holdings Bhd, a public limited company, deals in civil engineering and construction, property development, water supply, mechanical and electrical engineering services, and oil palm plantations.
Meanwhile, Ling said ongoing projects like The Vyne, a five-block condominium in Sungai Besi and Bandar Puncak Sena, a housing development in Kedah, are progressing well.
“However, what we have planned to launch this year will be the joint venture housing development with government-owned Cyberview Sdn Bhd in Cyberjaya.
“We will be launching 325 units of PR1MA houses and 142 two-storey link houses by June this year,” he said.
Gadang’s revenue for Q2 Financial Year 2015 decreased by 19 per cent compared to the corresponding period in FY2014, but Ling said it expects to do better than last year.
The company’s current capital reserve stands at about RM140 million. – Bernama