Taman Equine buying land in Selangor

EQUINE Capital Bhd's wholly-owned Taman Equine (M) Sdn Bhd is buying a piece of land near Equine Park in Petaling, Selangor, for RM47.4 million, to turn it into a commercial centre.

It will acquire the 64,303 sq m land from Jelang Puncak Sdn Bhd. The land is presently used for recreation and equestrian activities.

In a filing to Bursa Malaysia yesterday, Equine said it plans to build 156 units of two- and three-storey shop offices there, with an estimated gross development value of RM127 million and a gross profit of RM18 million.

The development cost is estimated at RM109 million and will be funded via bank borrowings and internally generated funds.

Development is expected to start by end-2010, with completion in mid-2012.

By Business Times