Plastic solutions provider HIL Industries Bhd plans to expand its property arm, by acquiring two firms with approved upcoming residential projects in Selangor, with a total gross development value (GDV) of RM375.2 million.
In particular, its subsidiary AMJ Construction Sdn Bhd intends to purchase a 99 percent interest in A&M Concrete Products Sdn Bhd and the entire stake in Show Piece Sdn Bhd
for RM22 million and RM49 million respectively.
A&M Concrete Products holds freehold land spanning 175,547 sq ft in Bukit Kemuning at Shah Alam. This site has been approved for the construction of nine units of stratified three-storey shops and three apartment blocks containing 280 flats.
The development valued at RM178.64 million is targeted to be unveiled in Q2 2017. Its sellers are Tan Sri Ng’s sons Steven Junior and Malcolm Jeremy, who is also an executive director at HIL.
Meanwhile, Show Piece’s fully-owned unit Innocentral Sdn Bhd possesses 858,083 sq ft of land in Sungai Jati at Klang. Around 73 percent of the freehold land, measuring 624,219 sq ft has been greenlighted for the development of eight double-storey semi-detached homes and 184 two-storey terraced houses, with a combined GDV of RM196.60 million. As for rest of the land parcel, the authorities have not yet given a development order.
Its vendors are Tan Sri Ng and his son HIL Managing Director Datuk Milton Ng Kwee Leong.
Currently, HIL has two developments in progress. These include a cluster of link houses and semi-detached homes at Kota Kemuning, known as Kemuning Greenhills and Kemuning Hijauan 2.
Image sourced from Getty Images
Diane Foo Eu Lynn, Senior Content Specialist at PropertyGuru, edited this story. To contact her about this or other stories email diane@propertyguru.com.my
