<div class=newsTextDataWrapInner><p><span style="font-style: italics;">This article first appeared in The Edge Financial Daily on October 18, 2019</span></p></div><div class=newsTextDataWrapInner><p>KUALA LUMPUR: Selangor Dredging Bhd’s proposed disposal of 16 pieces of freehold land in Damansara Heights for RM71 million has fallen through.</p></div>

<div class=newsTextDataWrapInner><p>This is because the purchaser, Bukit Selesa Development Sdn Bhd, had yet to obtain an approval from the relevant authority with regard to the development order, the group said in a filing.</p></div><div class=inPageAd id=div-gpt-ad-inpage></div>

<div class=newsTextDataWrapInner><p>Selangor Dredging’s unit SDB Damansara Sdn Bhd signed a sale and purchase agreement with Bukit Selesa in October 2016 for the disposal of the parcels of land, collectively measuring 15,751 square metres.</p></div>

<div class=newsTextDataWrapInner><p>Bukit Selesa had intended to use the land for the development of a residential housing project.</p></div>

<div class=newsTextDataWrapInner><p>However, the group said SDB Damansara received a letter from Bukit Selesa on Wednesday asking to terminate the agreement.</p></div>

<div class=newsTextDataWrapInner><p>“The termination shall not have any effect on the share capital, substantial shareholdings, earnings, gearing and net assets of SDB Group,” it said.</p></div>


KUALA LUMPUR: Selangor Dredging Bhd’s proposed disposal of 16 pieces of freehold land in Damansara Heights for RM71 million has fallen through.

This is because the purchaser, Bukit Selesa Development Sdn Bhd, had yet to obtain an approval from the relevant authority with regard to the d...

Selangor Dredging’s Damansara Heights land deal fails

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