OSK Property acquires 3.3-acre land in Subang Jaya from Tropicana for RM44m

• The proposed development, with a gross development value (GDV) of RM427 million, will feature serviced apartments targeted at young homebuyers, OSK said.

KUALA LUMPUR (Sept 30): OSK Holdings Bhd (KL:OSK) said the group is acquiring a 3.3-acre land in Subang Jaya from Tropicana Corp Bhd (KL:TROP) for RM44.34 million to develop serviced apartments.

The group said its property arm OSK Property Holdings Bhd has entered into a deal with Tropicana’s wholly owned unit, Tropicana Metropark Sdn Bhd, to acquire the land parcel located within the established Tropicana Metropark masterplan.

The proposed development, with a gross development value (GDV) of RM427 million, will feature serviced apartments targeted at young homebuyers, OSK said in a statement on Tuesday.

The group said the acquisition strengthens OSK Property’s presence in the Subang Jaya township, and aligns with its strategy of expanding in prime locations with strong demand from buyers and investors.

“Subang is one of the most mature and vibrant townships in the Klang Valley, with excellent connectivity and a strong ecosystem of amenities,” said OSK’s deputy group managing director Ong Ju Xing in the statement. “We see continued demand for well-connected, lifestyle-oriented developments, particularly among buyers who are looking for the right balance of good value and quality living.”

OSK said the acquisition is also set to enhance the group's land bank, supporting a sustainable pipeline of future developments.

As at end-June, the group’s unbilled sales stood at RM1.3 billion.

OSK’s total land bank spans 2,475 acres with an estimated GDV of RM18.5 billion, located across the Klang Valley, Kedah, Penang, and Negeri Sembilan, as well as in Melbourne, Australia.

Shares of OSK closed up three sen or 2.24% at RM1.37 on Tuesday, giving the group a market capitalisation of RM4.31 billion. Year to date, the counter has risen over 17%.

Tropicana's share price meanwhile closed unchanged at RM1.19, valuing the company at RM2.99 billion.

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.