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KUALA LUMPUR: Manufacturing and property development company KYM Holdings Bhd is acquiring three contiguous parcels of leasehold land in Genting Highlands for RM3 million.
In a filing to Bursa Malaysia on Tuesday, July 20, the company said that it had on July 19, 2010 entered into a sale and purchase agreement with the vendor Datuk Seri Thiagarajah Nadarajah JP for the vacant parcels, which measure 5,797 sq m (1.4 acres) in total.
The land parcels are located near the Gohtong Jaya township, and fronts the main road leading to the Genting Hotel and entertainment complex.
KYM Holdings plans to develop 250 serviced apartment units there, with a gross development cost of RM104 million. The project, which is expected to begin in the second quarter of next year and be completed by the fourth quarter of 2013, will have a gross development value of RM130 million.
The company will satisfy the entire purchase by way of internal cash of RM2.75 million and the balance of RM250,000 will be satisfied in cash or as part payment to an apartment unit.
“The land has excellent development potential with fast turnaround time and capital appreciation due to its prime location in the mature township of Gohtong Jaya,” it noted.
