Avaland Bhd said it is acquiring a 7,613 sq m freehold land parcel in Taman U-Thant, Kuala Lumpur for RM86.04 million as part of its expansion into the high-end residential segment in the Klang Valley.
In a Bursa Malaysia filing on Tuesday, the property developer said the land is being purchased through its wholly owned subsidiary Nexus Advertising Sdn Bhd from Tong Ah Company Sdn Bhd.
The site is currently zoned for residential use and is planned for a high-rise luxury residential development with a preliminary gross development value (GDV) of about RM700 million.
Avaland said the acquisition supports its long-term strategy to strengthen its presence in the Klang Valley property market, particularly in the premium housing segment.
“This acquisition will further enhance the group’s presence in the luxury residential segment, building on the strong market response and success of the group’s earlier luxury developments, Aetas Damansara and Aetas Seputeh,” it said.
The group added that the Taman U-Thant location, which sits within an established embassy enclave with limited new large-scale residential supply, presents a strong development opportunity.
The purchase will be funded through a mix of internally generated funds and bank borrowings. The deal is expected to be completed by the first quarter of 2027.
Avaland shares rose 1.5 sen or 8.33% to 19.5 sen on Tuesday, giving the group a market capitalisation of about RM284.1 million.
