MR DIY buys 80 units foreign workers quarter for RM13.2mil

KUALA LUMPUR: MR D.I.Y. Group (M) Bhd is acquiring 80 units of foreign workers quarter under the centralised labour quarter (PAPA) for RM13.2mil.

In a filing with Bursa Malaysia, the home improvement retailer said its wholly owned subsidiary, Mr D.I.Y. Management Two Sdn Bhd had entered into a sale and purchase agreement with Y5 Development Sdn Bhd and U & Location Sdn Bhd for the purchase of foreign workers' quarter in Balakong, Selangor.

MR DIY said the purchase consideration for the 80 units of 600 square feet per unit was RM165,000 per unit.

It said the project assessment report by an independent registered valuer confirmed that the selling price of the PAPA Project ranges from RM168,000 to RM178,000 per unit are fair and reasonable.

“The purchase consideration of the acquisition of RM165,000 per unit is a discount of 4.6%to the mid-point of the valuation range based on the project assessment report,” it said.

MR DIY said the acquisition would also facilitate the company in managing its foreign workers and their accommodation systematically as part of the welfare of our internal stakeholders under the sustainability initiative of the group.