News & Articles Alcom to build SoHo units, apartments, commercial lots in Klang
Alcom to build SoHo units, apartments, commercial lots in Klang
18 Apr 2023
Alcom Group Bhd, an aluminium products manufacturer and property developer, is paying RM56 million for 7.08 acres of land in Klang, Selangor, for a mixed-development project.
The company intends to launch a mixed-use development project that will include commercial lots, SoHo (shop-office home-office), and serviced apartments.
"The management is still currently deliberating the detailed development plans for the subject properties and it is hence too preliminary to affirm the details of the said development at this juncture.
"Nonetheless, the board is optimistic that the proposed acquisition represents an opportunity for the group to own the entire interest of the subject properties in a strategic location with strong growth potential, which is expected to provide greater sustainability for the group's future earnings," it told the stock exchange.
Alcom is purchasing the land from 88 Legacy Sdn Bhd at a 3.45 per cent reduction to the aggregate market value of RM58 million as determined by an independent valuer.
According to the company, the RM56 million consideration will be met through a combination of bank borrowings and domestically produced money.
The land acquisition is expected to be completed by the fourth quarter of 2023.
The company intends to launch a mixed-use development project that will include commercial lots, SoHo (shop-office home-office), and serviced apartments.
"The management is still currently deliberating the detailed development plans for the subject properties and it is hence too preliminary to affirm the details of the said development at this juncture.
"Nonetheless, the board is optimistic that the proposed acquisition represents an opportunity for the group to own the entire interest of the subject properties in a strategic location with strong growth potential, which is expected to provide greater sustainability for the group's future earnings," it told the stock exchange.
Alcom is purchasing the land from 88 Legacy Sdn Bhd at a 3.45 per cent reduction to the aggregate market value of RM58 million as determined by an independent valuer.
According to the company, the RM56 million consideration will be met through a combination of bank borrowings and domestically produced money.
The land acquisition is expected to be completed by the fourth quarter of 2023.
Source: NST.com.my
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