AME Elite, Majestic Builders to jointly develop RM1 bil GDV industrial park in Penang
KUALA LUMPUR (18 Aug 2022): Industrial space solutions provider AME Elite Consortium Bhd and Majestic Builders will jointly develop a RM1 billion gross development value (GDV) integrated industrial park in Seberang Perai Tengah, Penang.
To undertake the development, AME Elite's wholly owned subsidiary, Northern Industrial Park Sdn Bhd, and Majestic Builders have established Suling Hill Development Sdn Bhd as their special-purpose vehicle (SPV).
"The SPV has entered into a sale and purchase agreement (SPA) with landowner Waz Lian Holdings Sdn Bhd to acquire the 71.21-hectare freehold development land for RM130 million," AME Elite said in a statement on Thursday (Aug 18).
The acquisition would be satisfied partly via cash amounting to RM80 million, while the remaining consideration of RM50 million is anticipated to be settled via industrial properties from the intended industrial park development within 24 months upon fulfilment of the SPA conditions.
KUALA LUMPUR (June 6): Accolade Land Sdn Bhd, which has just sold its prime freehold land in Cheras for RM197 million to UEM Sunrise Bhd, said it will utilise the proceeds from the sale for further land purchases to increase its land bank, which is in line with its long-term strategy growth.
Accolade said the land sale to UEM Sunrise has alleviated the financial position of the company, and as such opened up opportunities for the company to expand its assets.
"Accolade is currently looking for opportunities to acquire strategic land bank within the Klang Valley as it is confident in the property market post pandemic and it sees tremendous growth opportunity in Malaysia in the foreseeable future," it said in a statement today.
Last Friday (June 4), UEM Sunrise announced that its wholly-owned subsidiary UEM Land Bhd had signed a sale and purchase agreement with Accolade, the landowner, with preliminary plans of developing 1.8 million square feet of various types of competitively priced properties aimed at young homeowners looking for residences with immediate accessibility to the city centre.
Source ( TheEdgeMarkets)
RM197m land sale to UEM Sunrise, Accolade looks to expand land bank