PETALING JAYA (June 27, 2013): UOA Development Bhd plans to buy six parcels of land on Jalan Ipoh, Kuala Lumpur from an individual buyer for RM130.3 million, using internal funds.
The land to be bought by UOA's unit Tiarawoods Sdn Bhd will be an addition to the group's existing land of 16.8 acres in the same area.
Once the purchase is completed, UOA will collectively own about 28 acres of prime development land there.
UOA is proposing to develop the Jalan Ipoh land, combined with the existing land, into an integrated mixed development, which is expected to commence in 2014.
UOS Price at posting:
52.5¢ Sentiment: LT Buy Disclosure: Held
