KUALA LUMPUR: FCW Holdings Bhd
’s 55%-owned subsidiary, Urban Reach Sdn Bhd has proposed to acquire a parcel of leasehold industrial land in Setapak, Kuala Lumpur for RM43.08mil cash.
The 3.53-acre land is located along Jalan Usahawan 5 which is within an industrial area known as the PKNS Setapak Industrial Area. It is located 8.5 km northeast of the Kuala Lumpur City Centre and 3.5 km west of the Wangsa Walk Mall.
On June 8, the land was granted a conditional development order (DO) by the Kuala Lumpur City Hall for a commercial development comprising a 56-storey serviced apartment building and a nine-storey car park block together with one level of facilities deck (conditional DO).
However, Urban Reach will not be proceeding with the development contents as set out in the approved conditional DO.
“As such, pending completion of the proposed acquisition, Urban Reach will submit, or cause JKB Development to submit, to the relevant authorities an amended development order based on its own development planning when finalised.
“Indicatively, the land is to carry out mixed development comprising residential and commercial properties,” FCW said in a filing with Bursa Malaysia.
FCW said the proposed acquisition forms part of the group’s ongoing efforts to grow its property development business by acquiring additional land banks for future development.
