Selangor Dredging to purchase Sepang land for RM87.9mil

PETALING JAYA: Selangor Dredging Bhd (SDB) is acquiring vacant leasehold land measuring 29.19 acres in Sepang, Selangor, from Xtra Touch Sdn Bhd for RM87.9mil.

In a filing with Bursa Malaysia, SDB said the land has development potential and is part of the company’s ongoing identification of suitable properties to add to the group’s land bank.

SDB said it is proposing to develop the land into approximately 550 units of two and three-storey terrace houses with a gross development value of approximately RM609mil.

“The net gearing ratio of the SDB Group will be increased by 6.93% to 36.60% after the acquisition,” it said.