Selangor Dredging Berhad’s wholly-owned subsidiary, Prestij Permai Sdn Bhd has entered into a Sale and Purchase Agreement with Xtra Touch Sdn Bhd to acquire vacant leasehold land in Sepang for RM87.9 million.
XTSB is the registered and beneficial owner of 622 pieces of vacant leasehold held under 622 separate individual titles measuring in total 90,729.39 square metres. According to the filing, Selangor Dredging has informed that XTSB has obtained amended ‘Kebenaran Merancang from Majlis Perbandaran Sepang’ which is permission from the local council intended property development comprising townhouses, condominiums, public amenities and infrastructure over an enlarged piece of land measuring approximately 52.79 acres
The Purchase Price was arrived at on a “willing-buyer willing-seller” basis based on the current market value after taking into consideration the market value as valued by Raine & Horne International Zaki + Partners Sdn Bhd, a firm of independent registered valuer, RM88 million using the Comparison Method of valuation via their valuation report dated 20 October 2023.
The group said the land has development potential and is part of the SDB’s ongoing identification of suitable properties to add to the Group’s landbank.
