KUALA LUMPUR (Jan 10): Land & General Bhd (L&G) is buying a 3.55-acre leasehold land within the main commercial centre of Bandar Puchong Jaya for RM68.04 million.

The land, belonging to Hartanah Idaman (M) Sdn Bhd, is located within walking distance of the IOI Puchong Jaya LRT station and IOI Shopping Mall, the property developer said in a filing with Bursa Malaysia.

The land has strong earnings potential owing to the type of units to be developed in the area, L&G said, adding that the anticipated selling prices for the units should be attractive to new homebuyers.

"The management is therefore of the view that the proposed acquisition will contribute positively to the future earnings and cash flows of the L&G Group," the group said.

The purchase is slated to be completed by the end of 2022, it said.

L&G's shares closed half a sen or 4.76% up to 11 sen, giving the group a market capitalisation of RM312.18 million.