OSK Property acquires Cyberjaya land for RM33m

April 1, 2010 |

(The Edge Financial Daily, Thursday, 1 April 2010 – Business & Finance – Page, 7 )

KUALA LUMPUR: OSK Property Holdings Bhd is acquiring two plots of residential land in Cyberjaya for a total consideration of RM32.68 million to increase its property development land bank.

The company told Bursa Malaysia yesterday that its wholly owned Jelang Vista Sdn Bhd had entered into an agreement to purchase a plot measuring 257,711 sq ft (5.9 acres) from Cyberview Sdn Bhd and an adjacent plot measuring 271,479 sq ft (6.2 acres) from Setia Haruman Sdn Bhd.

OSK Property said that the land would be acquired free from all encumbrances and that Setia Haruman had been granted approval to build some 480 units of low-rise condominium with an estimated gross development value of RM300 million and which could fetch gross profits of RM75 million.

OSK Property is looking to commence this development towards the end of this year and complete it by end-2013. OSK Property hopes to conclude the deal by June this year.

For FY09, OSK Property posted a net profit of RM5.1 million on the back of RM125.8 million revenue. As at end of last year, OSK Property had cash, bank balances and deposits of some RM44.73 million and development land valued at about RM344.67 million.

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