Metro Kajang unit buys land worth RM32m

METRO Kajang Holdings Bhd's subsidiary, Pelangi Semenyih Sdn Bhd has entered into a sale and purchase agreeement with Glengowrie Rubber Company Sdn Bhd to acquire 168.18 acres of freehold development land in Ulu Langat, Selangor for RM31.95 million.

Currently, the land is mainly planted with oil palm trees, Metro Kajang said in a filing to Bursa Malaysia.

The acquisition is in line with the group's strategy to acquire good, ready to develop land for its property development projects.

The land will be developed into a township comprising mixed residential and commercial properties with an estimated total gross development value of RM335 million over a period of seven years.

By Bernama