OSK Holdings enters Rawang market, acquires three freehold parcels for residential, commercial

• The land parcels measure approximately 14.48 acres and are located within the established township of Bandar Country Homes.

KUALA LUMPUR (Sept 2): OSK Holdings Bhd’s property arm, OSK Property Holdings Bhd, through its 99.93%-owned subsidiary Aspect Dynamic Sdn Bhd, has entered into a sale and purchase agreement (SPA) to acquire three parcels of freehold land in Rawang, Selangor, for RM58 million. 

According to a bourse filing on Tuesday, the land parcels measure approximately 14.48 acres and are located within the established township of Bandar Country Homes. They are designated for both residential and commercial development, with an estimated gross development value (GDV) of RM1.26 billion. 

This marks OSK Property’s first entry into the Rawang township, an area benefitting from connectivity to the North-South Expressway and access to established amenities such as retail outlets, schools and healthcare facilities.

The upcoming development is expected to cater to demand for affordable housing and commercial spaces, targeting first-time homebuyers, young families, and investors. The township’s natural landscapes and compact urban setting are also anticipated to appeal to transient workers and professionals relocating to the area.

The SPA structures the RM58 million consideration into three components: a 3% retention sum of RM1.74 million and a 7% balance deposit of RM4.06 million, both payable within seven business days of signing, and the remaining 90%, or RM52.2 million, due within three months of the SPA or within ten days of receiving the EPU (Economic Planning Unit) confirmation letter, whichever is later.

In a statement, the group noted that the acquisition aligns with its strategy of focusing on mature markets with shorter development cycles.  

“We believe that it is timely for us to enter a new market and participate in the northern Klang Valley growth corridor by unlocking new opportunities that complement our existing portfolio while creating thriving lifestyle spaces that benefit the community.  

“This is a step forward in reinforcing our vision of creating sustainable developments that meet evolving market needs,” said the Group’s deputy group managing director, Ong Ju Xing.

The group is of the view that barring unforeseen circumstances, it is to complete the acquisition in the fourth quarter of 2025.

OSK Holdings is a diversified conglomerate with interests spanning property, financial services, industries, hospitality and investment holding.

As Penang girds itself towards the last lap of its Penang2030 vision, check out how the residential segment is keeping pace in EdgeProp’s special report: PENANG Investing Towards 2030.