Selangor Dredging Bhd (SDB) has announced the acquisition of a 1.214-hectare freehold commercial land parcel in Petaling Jaya, Selangor, from Hectare Square Sdn Bhd for a total consideration of RM63 million.
In a filing with Bursa Malaysia, SDB said the purchase forms part of its ongoing strategy to expand and replenish its land bank with properties that have strong development potential. The group highlighted that the newly acquired land offers promising opportunities for future development and aligns with its long-term growth objectives.
“SDB intends to explore the development of the site into high-rise serviced apartments, featuring spacious layouts and ample open spaces designed to provide family-friendly amenities,” the company said.
At this stage, the company noted that the total development costs, project timeline, and expected profits have not yet been determined, as detailed planning and design work are still underway. Once finalised, SDB expects the development to contribute significantly to the company’s property portfolio and enhance the value of its land bank.
The company also clarified that while the acquisition is not anticipated to have any immediate material impact on its consolidated earnings for the financial year ending March 31, 2025, it is expected to provide positive contributions to the group’s earnings in the medium to long term.
This latest acquisition underscores SDB’s commitment to strategically identifying and securing prime properties in key urban locations, which will support the group’s expansion plans and strengthen its presence in the Selangor property market.
