Maxim Global Berhad enters a SPA with Anting Holdings for a piece of leasehold land measuring 9,775 sq meter in Setapak, for a total purchase consideration of RM25.7 million.
The land sits strategically along Jalan Prima Setapak within Taman Setapak, which is sited off the north-western (left) side of
Jalan Genting Kelang, travelling from Taman P. Ramlee towards Taman Danau Kota. Geographically, the Kuala Lumpur city center is located approximately 4.7 kilometers and is located in a well-developed and matured township of Setapak.
Conditions of utilisation for the land include the erection of at least 604 units of affordable housing under Rumah Mampu Milik on the Land. Maxim will have to develop the houses at its own cost and submit an application to the appropriate authorities within six months from the date of the SPA.
Maxim aims to use the land to further supplement its existing land bank (this Proposed Land Acquisition represents the 5th land acquired/inked since September 2019) at strategic locations with potential growth. This is in line to strengthen its foothold in property development and construction activities and in generating long-term sustainable income. The Group presently has three ongoing property development projects excluding Mizumi Residences at Taman Metropolitan, Kepong which was duly completed and approved for the delivery of vacant possession.
And the first property development project in Labuan FT is a mixed development project covering an area of 16.82 hectares comprising affordable apartments, double-storey terrace houses, and double-storey shop lots. This development is expected to be completed by the last quarter of the year 2021 and will leave behind the remaining land area of approximately 6.3 acres eligible for commercial development to be undertaken in the future.
