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Avaland buys Taman U-Thant land for RM86mil

The Star·04/28/2026 23:00:00
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PETALING JAYA: Avaland Bhd has entered into a conditional agreement to acquire three adjoining parcels of freehold land in Taman U-Thant, Kuala Lumpur, for RM86.04mil as part of its expansion in the Klang Valley.

In a filing with Bursa Malaysia on April 28, the group said its wholly-owned subsidiary, Nexus Advertising Sdn Bhd, will purchase the 7,612.63 sq m site from Tong Ah Company Sdn Bhd.

The land, currently zoned for residential use, is intended for a high-rise residential development with an estimated gross development value of RM700mil.

The purchase price was agreed on a willing-buyer willing-seller basis and is broadly in line with an independent valuation of RM88mil.

Avaland said the acquisition will be funded through a mix of internal funds and bank borrowings. Completion is targeted by the first quarter of 2027.