KUALA LUMPUR: Amverton Prop Sdn Bhd, an indirect wholly-owned subsidiary of HIL Industries Bhd, has entered into a conditional sale and purchase agreement for a 1.21-hectare plot of land in Kuala Lumpur with A & M Modern Homes Sdn Bhd (AMMH) for RM47 million.
In a filing with Bursa Malaysia today, HIL Industries said that the proposed acquisition would allow the company to replenish its land bank and property development projects as its ongoing projects near completion.
According to the company, the proposed acquisition will increase its existing land bank from 22.86 hectares to 24.08 hectares available for development.
The potential development of the AMMH land is also expected to boost revenue and profit contribution from the property development segment, as well as the company's overall financial performance, it said.
It expects the proposed acquisition to be completed by the first quarter of 2024, barring any unforeseen circumstances and subject to all required approvals.
Hil Industries, a plastic solution provider, entered the property development scene in 1995, offering dream homes at reasonable prices in the mature enclaves of Kota Kemuning and Klang.
It is regarded as the first developer in Kota Kemuning South, having begun with the Bukit Kemuning Golf & Country Resort development.