KUALA LUMPUR: Fiamma Holdings Bhd
has paid RM109.64mil as land premium for a 0.76 ha plot of land along Jalan Yap Kwan Seng, Kuala Lumpur, on behalf of its unit Sinaran Urusjuta, which is involved in real estate activities.
In a filing with Bursa Malaysia, Fiamma said the Federal Territories Director of Lands and Mines Office had granted alienation land approval following the land premium’s payment.
It said a mixed development, comprising 20% residential and 80% commercial units, is being planned for the land.
“The land is strategically located in Kuala Lumpur’s dynamic, high-rise city centre with upscale office buildings, fashion malls, luxury hotels and various amenities and with expansive views from the futuristic Petronas Twin Towers.
“The land is also synergistically located near its existing 0.56 ha land in Jalan Yap Kwan Seng,” it added.
For the quarter ended June 30, 2023, Fiamma’s net profit grew to RM20.66mil from RM10.48mil in the previous corresponding period, while revenue dipped to RM92.86mil from RM94.29mil a year earlier.
In a filing on its latest earnings results, the company said it has ongoing residential developments in Kota Tinggi, Johor, as well as completed and unsold residential and commercial developments, which will contribute to revenue in the current and future financial years.
“The proposed residential development in Jalan Sungai Besi and Jalan Yap Kwan Seng, both in Kuala Lumpur, are expected to contribute to the group’s future income stream,” it said. — Agency
