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Friday, April 24, 2015

Gadang gets nod to buy Semenyih land

KUALA LUMPUR: Investment holding company Gadang Holdings Bhd has obtained shareholders' approval for its proposal to buy 25.43 ha of freehold land in Semenyih from Sementar Properties Sdn Bhd for RM95.8mil in cash.
Managing director Ling Hock Hing told Bernama the acquisition by its indirect wholly-owned subsidiary Crimson Villa Sdn Bhd would enable Gadang to build a mixed development of residential units and shop offices.
“Subject to the authorities’ approval, our plan is for a central park surrounded by terrace and triple-link houses.
“This project is targeted to be launched by end-2015 with a minimum estimated gross development value of RM450mil, and we are looking to increase the value," he said after the company’s EGM here yesterday.
Ling added that Gadang had paid RM9mil for the proposed acquisition with RM86.23mil left to be settled.
“We have had some offers for borrowings of RM70mil from banks at this juncture but the balance of the fund will be taken internally,” he said.
Gadang deals in civil engineering and construction, property development, water supply, mechanical and electrical engineering services, and oil palm plantations.
Meanwhile, Ling said on-going projects like The Vyne, a five-block condominium in Sungai Besi and Bandar Puncak Sena, a housing development in Kedah, were progressing well.
“However, what we have planned to launch this year will be a joint-venture housing development with Government-owned Cyberview Sdn Bhd in Cyberjaya. We will be launching 325 units of PR1MA houses and 142 two-storey link houses by June this year,” he said.
Gadang’s revenue for the second quarter decreased by 19%, compared with the previous corresponding period.

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