KUALA LUMPUR: Parkwood Holdings Bhd has bought five parcels of freehold land in Rawang, Selangor for RM30.9 million.
The company said on Friday that it plans to develop the land into a contemporary residential enclave featuring modern living with sustainability and community connection.
"The acquisition is aligned with Parkwood's business growth strategy, which aims to develop modern master planned community that harmonises sustainable living with community-focused lifestyle, nature, and accessibility.
"This strategic move will contribute positively to the growth of the group's property development business," the company said.
Parkwood expects to launch the development by third quarter of 2026.
Executive chairman Lim Chin Sean said Parkwood is committed to driving sustainable momentum in expanding its land bank in Malaysia through strategic acquisitions.
"This latest acquisition not only positions us to meet the rising demand for high-quality residential properties but also capitalises on the serene and private environment that Rawang offers.
"We are optimistic that this will contribute positively to our future earnings and subsequently deliver landed urban residential development that seamlessly blends urban convenience and tranquil lifestyle for the residents," he added.