Bolton Buys Prime 5.5-Acre Freehold Land For RM39 Million in Kuala Lumpur
Mar 29, 2010
Main Board-listed BOLTON Bhd has expanded its land bank through the latest acquisition of a 5.5-acre piece of prime freehold land in Kuala Lumpur.
BOLTON, through its indirect wholly-owned subsidiary Bolton LYL Sdn Bhd, today announced that it has entered into a conditional sale and purchase agreement with Intrapuri Sdn Bhd to acquire the land which has been approved for commercial development. The site is located within the commercial and residential zone of Taman Maluri and enjoy excellent view frontage of Jalan Peel.
BOLTON is planning for an integrated commercial development comprising serviced apartment units that will yield an estimated gross development value of RM280 million. There are also plans to provide facilities to support the needs of the residents. The development of the project is expected to commence upon obtaining all the approvals from the relevant authorities.
The acquisition costing RM39.0 million is the first land purchase for the year and signals a more aggressive approach by BOLTON in its efforts to build up its land bank in prime hotspots particularly in the Klang Valley and Penang.
Commenting on the acquisition of the site, BOLTON Executive Director Chan Wing Kwong said, “We are quite excited to have acquired this site which will enable us to further expand our portfolio in the Cheras neighbourhood. We intend to develop this site into a modern, thriving community and we are optimistic about the demand for medium-high end residential units.”
He added that the timing of this acquisition is fitting as confidence is beginning to gain momentum in the real estate sector. “Having built a good reputation in the Klang Valley and Penang, we believe that we have a strong following in these areas. We will continue to evaluate and purchase land in prime areas to enhance our company’s earnings,” Chan explained.
Fri May 04, 2012 4:59 pm by demin
Subject: Bolton Buys Prime 5.5-Acre Freehold 
