Highlights

Seacera to acquire land in Semenyih for RM78m

 Publish date: Tue, 10 Apr 2012, 08:55 PM

Seacera Properties Bhd, a wholly-owned unit of Seacera Group Bhd, has proposed to acquire freehold land measuring 137.97 acres in Semenyih for RM78.13 million cash. The land will be acquired from Duta Skyline Sdn Bhd.

In a filing to Bursa Malaysia today, Seacera said the proposed acquisition is part of its strategy to continue acquiring sizeable landbank with good development potential in strategic locations to expand and strengthen its existing business in property development.

The net book value of the land from the latest audited financial statement of Duta Skyline for the financial year ended Dec 31, 2010 was RM140.313 million, it said.

The acquisition would be satisfied by way of cash from bank borrowings of about RM13 million and the balance from internally generated funds, it added.

Geographically, the land is located along the settlement area known as Kampung Sungai Pening within the Kajang-Semenyih township.

Seacera said the land is currently vacant and the proposed acquisition is for the purpose of investment in strategic location with potential for development.

"The land would be developed into a mixed development project comprising residential and commercial units," it said.

Seacera said that by a joint venture agreement dated April 5, 2005 between Duta Skyline as the joint-venture partner and Seacera Properties, the parties had agreed for the latter to undertake the construction and development of a project known as Bandar Puncak Damai comprising residential and commercial units, upon the terms and subject to the conditions contained in the agreement.

Based on the terms and conditions of the agreement, Seacera Properties has made certain payments under the agreement and the completion of the agreement is currently pending and was extended to June 30, 2012.

The company said the proposed land acquisition is expected to be completed no later than five years from the effective date. -- Bernama

Share this

  Be the first to like this.
 


 

219  577  370  661 

ActiveGainersLosers
Top 10 Active Counters
 NameLastChange 
 FRONTKN 0.265-0.025 
 VSOLAR 0.305-0.055 
 PESONA-WC 0.495-0.005 
 KNM 0.645-0.045 
 COMPUGT 0.0550.00 
 KNM-WB 0.225+0.22 
 CONNECT 0.22-0.005 
 SCN 0.125-0.015 
 NOVAMSC 0.215-0.02 
 UNISEM-WA 0.28+0.015 

TOP ARTICLES

1. Press Metal Berhad - Strike While the “Metal” is Hot Kenanga Research & Investment
2. An above average-company at below-average prices Wisdom Wise
3. KNM wave as of 2015-04-25 To sell or not to sell, that is the question.
4. [转帖] 投资股票VS自己做生意,你更喜欢哪一样?- 第一天 Good Articles to Share
5. 希望这次不会错过 黄金十年
Partners & Brokers