Melati Ehsan Holdings Bhd (MEHB) is acquiring three parcels of leasehold land measuring a total of 37,078 sq m in Bandar Selayang for RM77.74 million cash.
In a filing with Bursa Malaysia last Friday, MEHB said its wholly-owned subsidiary Bayu Melati Sdn Bhd had entered into a conditional sale and purchase agreement with Aturan Utama Sdn Bhd for the proposed acquisition.
Aturan Utama is wholly owned by Malaysian Allied Health Sciences Academy Sdn Bhd (Mahsa).
With a total land area of 37,078 sq m, the three parcels are vacant and are proposed to be developed into a mixed project.
The original cost of the land was RM1.79 mil
lion, based on the audited financial statements of Aturan Utama as at Dec 31, 2014; but now has a market value of RM80 million, as appraised by CH Williams Talhar & Wong.
The acquisition is conditional upon the approvals of Melati Ehsan shareholders, the Economic Planning Unit and others.
Melati Ehsan said the purchase price could be reduced to RM70 million should it be required to build affordable homes under the “Rumah SelangorKu” scheme.