Luster Industries has proposed to acquire a piece of commercial freehold land in Ara Damansara from Sime Darby Brunsfield Damansara Sdn Bhd and Sime Darby Property (Ara Damansara) Sdn Bhd for a total cash consideration of RM35 million.
The company views the development potential of the land to be an opportunity for the group and create greater economic value.
The purchase price was derived after the Luster management conducted an internal review into the value and saleability of the land based on the understanding of market value per square foot of similar type of land with approved development order in the vicinity taking into consideration the prevailing market conditions.
According to filing, the land is said to be strategically located at prime location at Ara Damansara and is a short distance from Citta Mall. The accessibility is served by LRT through Ara Damansara station and Jalan Lapangan Terbang Subang. It is about 5 km away from Sultan Abdul Aziz Shah Airport.
Luster which is involved in manufacturing, property, and gaming, added that the acquisition will be an enhancement to the property development & construction segment and will be able to enter into the mature development market in Selangor.