UOA acquires land in Jalan Ipoh for RM130.33 mln

by **Cals** Thu 27 Jun 2013, 02:41

Business & Markets 2013

Written by Bernama

Wednesday, 26 June 2013 19:29

KUALA LUMPUR (June 26): UOA Development Bhd has acquired six parcels of freehold land in Kuala Lumpur, measuring a total of 483,322.71 square feet, for a purchase consideration of RM130.33 million.

In a filing to Bursa Malaysia today, UOA said the deal was entered through a sales and purchase agreement between its wholly-owned unit Tiarawoods Sdn Bhd and Ng Kim Khin @ Ng Beh Leow.

UOA said it intends to develop the land in Jalan Ipoh in Mukim Batu, combined with its currently-owned 16.8 acres of existing land, into an integrated mixed development which is expected to commence in the year 2014.

"UOA is committed to continue its fast turnaround development strategy that focuses in the Klang Valley.

"The acquisition is in line with UOA's strategy and will further grow its development activities within the Klang Valley.

"The Jalan Ipoh land is strategically-located, less than 10km from Kuala Lumpur City Centre," the company added.

UOA said as the proposed development is surrounded by densely-populated residential areas such as Taman Kok Lian, Taman Impian, Taman Sri Kuching and Taman Rainbow, it will be highly accessible via major highways such as Duta-Ulu Klang Expressway (DUKE) and Jalan Kuching.

"The total development costs for and the expected profits to be derived from the development of the Jalan Ipoh land have yet to be ascertained at this juncture, as the detailed development plan is pending finalisation," it added.

The proposed acquisition is also expected to contribute positively to the earnings of UOA in future, when the development of the land commences.