Ireka to buy KL land for RM87.12m

IREKA Corporation Bhd has proposed to acquire a piece of freehold land measuring 43,559 square feet located in Jalan Kia Peng, Kuala Lumpur, for RM87.12 million.

Subject to planning and development approvals, the site will consist of single-towered high-end serviced residences with an estimated gross development value of RM272 million.

"We are pleased to acquire this prime site for development, located in the heart of Kuala Lumpur City Centre (KLCC). The KLCC area will always be the country's most exclusive address and an international real estate investment destination," Ireka chairman Abdullah Yusof said in a statement today.

Ireka has also entered into a memorandum of understanding with Aseana Properties Limited to co-develop the land on a 30:70 basis.

By Bernama