Wednesday, 7 March 2012

OSK Property to buy 13.7 acres of Shah Alam industrial land for RM45.4m

KUALA LUMPUR (Macrh 7): OSK PROPERTY HOLDINGS BHD [] has proposed to acquire two parcels of adjoining industrial land, measuring 13.73 acres or 598,408 sq. ft in Taman Perindustrian Subang Utama for RM45.42 million.

It said on Wednesday it was acquiring the land from Perniagaan Sri Mujur Maju Sdn Bhd at about RM75.90 per sq ft.

“The land has been approved with development order for 16 semi-detached factories with land sizes and built-up ranging from 17,900 sq ft to 50,800 sq ft and 14,896 sq ft to 60,076 sq ft respectively,” it said.

OSK Property said based on preliminary plans, it proposed to revise and enhance the development plan by offering smaller industrial units to increase affordability and saleability.

It said the proposed acquisition would enable OSK Property to diversify its development portfolio to include small medium industrial factories and to expand its geographical coverage to Shah Alam.

It added there was a demand for supplementary services and smaller semi-detached factories costing RM2 million to RM3 million per unit.

“Subject to the necessary development approvals being obtained, the group targets to launch the development on the land by the fourth quarter of 2012,” it said.

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