News: WCT Bhd buys land for RM4b township project
WCT Bhd is planning to construct a mixed township project in Kuala Lumpur with a gross development value (GDV) of RM4 billion, according to a report by the Sun Daily.
The development is sited on 23ha of land at the Overseas Union Garden, which it will acquire from Timor Barat Properties Sdn Bhd.
"The acquisition is expected to be completed in three months and we expect to start construction in 2014," said Goh Chin Liong, Deputy Managing Director at WCT Bhd after the company's extraordinary general meeting (EGM).
During the EGM, stakeholders have also given their approval for the RM450 million acquisition of Timor Barat by Iris Green Sdn Bhd - a unit of WCT Land Sdn Bhd, which in turn is a subsidiary of WCT Bhd - from AMC Sdn Bhd, Shen & Sons Sdn Bhd and Eng Lian Enterprise Sdn Bhd.
Goh also noted that the acquisition will be funded by RM300 million in bank loans and RM150 million from internal sources.
Moreover, the proposed project is expected to take about eight to 10 years to complete and will include commercial as well as residential components.
The project will also be WCT's first venture in Kuala Lumpur, since most of the groups' township projects are located in Selangor and Klang. Goh also added that the company's current construction orderbook stands at RM3.5 billion, with an outstanding GDV of RM11 billion that is expected to last 10 to 15 years.
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