Asian Pac unit to dispose of Ulu Langat tract for RM87.69mil

KUALA LUMPUR: Asian Pac Holdings Bhd said its wholly-owned subsidiary BH Builders Sdn Bhd has agreed to dispose of a tract of freehold land with a net land area of about 35.7157ha in Ulu Langat, Selangor, to Kueen Lai Properties Sdn Bhd for RM87.69mil.

The land, which is located between the Bandar Sunway Semenyih and Kajang Semenyih by-pass, is currently vacant.

According to Asian Pac, the disposal consideration is at a 4.2% or RM3.8mil discount to the market value of the land of RM91.5mil as valued by an independent valuer on April 3, 2025.

"The board has carefully considered the proposed disposal and is of the view that the discount to market value is reasonable considering the prevailing demand for large parcel of land in Semenyih area after negotiations with the Purchaser and the group’s overall financial strategy," said Asian Pac in a bourse filing.

It said the disposal price of RM87.69mil represents a substantial premium of about RM66.8mil or 3.1 times the company cost of investment of RM20.9mil paid on May 19, 2024.

The net proceeds from the proposed disposal are expected to be utilised for the group’s working capital, current and upcoming developments and paring down of gearing.