Hua Yang to develop a mixed development in Kajang

PETALING JAYA (Dec 27): Hua Yang Bhd has announced today that it will undertake a mixed development project comprising serviced apartments, retail units and affordable homes located between Kajang and Bandar Baru Bangi with an estimated GDV of RM800 million.

The group acquired property development firm Kajang Heights Development Sdn Bhd, along with four parcels of adjoining freehold land for a total purchase consideration of RM70 million.

Hua Yang said the acquisition is in line with its objectives to expand its presence in the Klang Valley.

“Klang Valley is one of our key regions, and currently the second-biggest contributor to our total revenue (31% as of 2QFY18). This acquisition not only strengthens our commitment to grow our presence in Klang Valley, but also reinforces our vision to develop affordable homes for Malaysians,” said Hua Yang CEO Ho Wen Yan, adding that demand in the Klang Valley has remained resilient on the whole, due to population and economic growth.

“By stepping up land acquisitions in the Klang Valley with focus on affordable pricing, we will be in a better position to meet market demand,” he noted.

Currently, Hua Yang has a total undeveloped landbank of 469 acres with a potential GDV of RM4.5 billion.

Meanwhile, the group pointed out that the four parcels of land are located in a newly established matured area that has ready infrastructure from the surrounding community.

The landbank is also strategically located close to major highways as well as to Kajang Central, an upcoming transportation terminal.

The acquisition will be funded by internally generated funds and/or bank borrowings and is expected to complete by 1QFY19, subject to certain condition precedent to be fulfilled.