PETALING JAYA: Malton Bhd is acquiring four parcels of Genting land from Sering Manis Sdn Bhd, a 51%-owned subsidiary of Global Oriental Bhd, in Bentong, Pahang, for RM65mil.
In a filing with Bursa Malaysia, Malton said the parcels of land measure approximately 30.167 acres and is sited off and to the east of Jalan Meranti, which is connected to the main road leading up to Resorts World Genting and to the south of Genting View Resort, within the locality of Genting Highlands.
Malton said the proposed development for the Genting land is expected to comprise serviced apartments and luxury villas, and is expected to generate an estimated gross development value of approximately RM1.29bil.
“The proposed acquisition provides an opportunity for the group to acquire a price of prime land in Genting Highlands, which has seen an increase in development activities with several other property developers having already acquired land and commenced development within the vicinity, which are being marketed as a holiday home or for investment purpose given the cooler temperatures and close proximity to Resorts World Genting.”- The Star
