PETALING JAYA: Grand-Flo Bhd is acquiring a piece of land in Dengkil, Selangor, which is undertaking a property development, for RM17 million, in a related party transaction.
The group told Bursa Malaysia that its wholly owned subsidiary Innoceria Sdn Bhd had entered into a land and development purchase agreement with NCT United Development Sdn Bhd for the acquisition.
The project is known as the Acacia Residences, comprising 428 units of serviced apartments and 50 units of affordable serviced apartments as well as three units of retail lots.
Innoceria has been granted the sole and exclusive rights to construct, develop and deal with rights and entitlements of the project upon completion of the acquisition.
The full gross development value of the project is RM144.15 million with an estimated gross development profit of RM26.32 million.
Grand-Flo expects the development to be completed in March 2022.
It said the acquisition is part of the group’s ongoing effort to replenish and strengthen its property development segment.
It will fund the purchase sum and the remaining construction cost via internally generated funds, banks borrowings and/or proceeds from any future fund raising exercises.
source https://www.thesundaily.my/business/grand-flo-buys-land-in-dengkil-for-rm17m-in-related-party-deal-KA2046682
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