KUALA LUMPUR: Hua Yang Bhd has acquired 8.09 acres (3.27ha) of leasehold land along the Middle Ring Road 2 (MRR2) in Selayang, Selangor.

“This latest acquisition is in line with our aim of replenishing our current land bank and this puts us one step closer towards our goal in achieving a total undeveloped land bank gross development value (GDV) of RM5 billion,” said Hua Yang chief executive officer Ho Wen Yan in a statement.

The land was acquired through Hua Yang’s wholly-owned subsidiary, Prisma Pelangi Sdn Bhd, and is earmarked for a high-rise mixed development with an estimated GDV of RM800 million.

The land is accessible via the MRR2, Duta-Ulu Kelang Expressway, New Klang Valley Expressway, and Damansara-Puchong Expressway. It is within close proximity to the Forest Research Institute Malaysia, Templer’s Park, Selayang Hospital and Selayang Hot Springs, among others.

“The demand for affordable housing will remain favourable, particularly from the middle-income group and we are optimistic that the project we have planned for this site will be well-received by young first-time home buyers,” said Ho.

The land was acquired for RM120 million and the sale and purchase agreement is expected to be completed by March 2016.

To date, Hua Yang has a total undeveloped land bank of 502 acres with a potential GDV of RM3.9 billion.

This latest land purchase affirms that the Klang Valley, Johor and Perak regions remain key focus areas for Hua Yang’s development.

This article first appeared in The Edge Financial Daily, on February 6, 2015.