KUALA LUMPUR (Nov 12): PMB Technology Bhd is acquiring a 7,300 square metre freehold land in Sungai Besi for RM30 million.
The land has been approved for the development of an apartment project known as The Suite Starz @ Sungai Besi, with a gross development value of RM190 million.
In a filing with Bursa Malaysia, PMB said it is buying the land from CMMC Sdn Bhd, a property development company which is currently under the liquidation process.
The project comprises a block of 175 units of studio apartments, a block of 171 units of serviced apartments and a six-storey podium carpark. The total development cost is RM172 million.
Construction is set to resume on July 1, 2021 and is expected to be completed by June 30, 2024.
PMB Technology said the acquisition of the project land has been identified as the group’s upward integration into property development to complement its existing business of aluminium system formwork and building façade system provider.
PMB Technology’s share price rose three sen or 0.91% to RM3.33, giving it a market capitalisation of RM684.63 million. Some 119,100 shares were traded.