The Perak-based developer had signed a term sheet agreement today with Sloane Infinity Asia Pacific Sdn Bhd (Sloane) to acquire the stake in Nexusbase for RM12.5 million.
Pursuant to the term sheet agreement, MHB and Sloane will have an exclusivity period of four months to enter into a definitive agreement, subject to terms and conditions, it said in a filing with Bursa Malaysia.
MHB group chief executive officer Nizran Noordin said the attractive value of the project enables the group to expand its foothold in the property sector.
Nizran said the project represents significant potential and value, given the strategic location, coupled with good accessibility as well as attractive facilities and amenities.
Nexus Residences @ USJ Subang West has an estimated gross development value (GDV) of RM125 million,
It is located close to USJ, Putra Heights, and Shah Alam.
The project comprises 153 apartment units, equipped with advanced security features such as a dual key system, cardless car entry, and panic buttons across the premises. Apart from that, there is exclusive access to a private lift lobby for several units, and other condominium facilities.
According to the project website, the units range from 1,300 sq ft to 1700 sq ft. The bigger units have 5 + 1 bedrooms, three bathrooms, two living rooms and two kitchens.
MHB, which saw its revenue expand by 121 per cent to record RM11.97 million for the quarter ended September 30, 2020, said in a Bursa filing last November that the group will continue to focus on its core businesses, which includes property development and realty, by leveraging the continuous development of its existing land banks.