Ayer Holdings in RM138mil land acquisition

PETALING JAYA: Ayer Holdings Bhd is proposing to acquire two pieces of freehold land totalling 9.11 acres along Jalan Kuchai Lama, Kuala Lumpur, from Bukit Cemerlang Sdn Bhd for RM138mil.

In a filing with Bursa Malaysia, Ayer Holdings said the proposed acquisition is undertaken in line with the group’s business strategy to grow its property business by increasing its present landbank and undertaking further property development projects.

“The proposed acquisition of the subject lands in Kuchai Lama represents an opportunity to expand its portfolio within Klang Valley, an established and mature neighbourhood within Kuala Lumpur, which is supported by a diverse population base ranging from young professionals to growing families, driving demand for both residential and lifestyle offerings.”

For now, Ayer Holdings said it has not formulated any development plans for the parcels of land.