Parkwood unit to acquire Selangor land for RM27mil

KUALA LUMPUR: Parkwood Holdings Bhd's wholly-owned subsidiary Parkwood Templars Sdn Bhd has inked a deal to acquire four tracts of freehold land measuring a combined 12.44ha in Rawang in Gombak, Selangor, for RM27mil.

In a filing with Bursa Malaysia, Parkwood said the proposed acquisition will be funded via combination of internally generated funds and bank borrowings.

It said the proposed purchase is in line with its long-term strategy to grow its property development business by tapping into strategic location with development potential where the infrastructure, amenities and connectivity are established.

"Upon completion of the proposed acquisition, Parkwood group intends to plan and carry out a redevelopment to realise the land’s earnings potential.

"The proposed acquisition will provide an opportunity for Parkwood Group to scale-up its project development activities and strengthen its future earning visibility," it said.