KUALA LUMPUR – Berjaya Land Bhd’s wholly-owned subsidiary, Berjaya Engineering Construction Sdn Bhd (BEC) has entered into a sale and purchase agreement with Deru Klasik Sdn Bhd to acquire a parcel of freehold in Bentong, Pahang for RM38.45 million.
In a filing with Bursa Malaysia today, Berjaya Land said BEC has proposed to undertake a residential development project on the land, measuring about 3.84 million sq ft, consisting of terraced houses to be built over three years.
“Based on the preliminary plan of the proposed development, the estimated gross development cost and gross development value for the proposed development are RM250.81 million and RM380.20 million respectively,” it said.
The land was acquired by Deru Klasik, a property investment and investment holding company, in 2004 for RM30.76 million.
With its close proximity to Berjaya Hills and Genting Highlands, Berjaya Land said the land presents potential for residential development.
In view of the strategic location and earnings potential of the proposed development, the proposed acquisition is expected to generate economic benefits and contribute positively to the future earnings of the Berjaya Land group.
Berjaya Land said the estimated gross profit was about RM129.39 million to be recognised over the duration of the proposed development.
“The gross development cost is expected to be funded through borrowings and internal funds of the group,” it added. – Bernama, December 15, 2020
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