Land and General, proposing to acquire a leasehold commercial land in Pekan Desa Puchong measuring approximately14,366.353 square metres for RM68 million.
The said property currently belongs to Hartanah Idaman with the parcel currently having 75 years remaining from its 99 years lease. It is being traded for roughly RM440.00 per square foot.
According to statements, the property is located within the main commercial area of Bandar Puchong Jaya, approximately 28 kilometres due southwest of Kuala Lumpur City Centre. It is said to be accessible from the city centre via Jalan Tun Razak, Jalan Yew, Kuala Lumpur – Seremban Expressway before exiting onto Lebuhraya Bukit Jalil. Access is thence continued via Lebuhraya Damansara – Puchong (“LDP”) leading to the Property. Alternatively, the Property is also accessible via KESAS Highway (Shah Alam Expressway) and South Klang Valley Expressway
(SKVE) exiting onto LDP leading to the Property.
The property comprises a vacant plot of commercial land, encompassing a titled land area of 14,366.353 square metres (approximately 154,638 square feet or 3.55 acres). The site is almost triangular in shape and generally flat in terrain and lies at about the same level as the existing frontage road. Additional plus points include the close vicinity to the main commercial centre of Bandar Puchong Jaya which is already developed with retail shopping centres, commercial office buildings, sports centre and terraced shop offices and commercial banks. Amongst notable landmarks located in the vicinity and along LDP include the neighbouring IOI Mall Puchong and LRT IOI Puchong Jaya as well as AEON BIG Puchong Utama, Tesco Extra Bukit Puchong, Sports Arena @ Puchong and IOI Business Park.
The purchase will allow L&G Group to a strategically located parcel of land within walking distance of IOI Puchong Jaya LRT station and IOI Shopping Mall in the mature and easily accessible Puchong township which has a strong earnings potential owing to the type of units to be developed and the anticipated selling prices for this project which the management believes should be attractive to new homebuyers.
Adding that it believes the proposed acquisition will contribute positively to the future earnings and cash flows of the Group.
