Jiankun to buy more land as its current project is nearing completion

Jiankun International Berhad aims to acquire more land as its current project Amani Residences in Selangor is nearing completion.

Amani Residences, located in Bandar Puteri Puchong, comprises a total of 377 units of a serviced residence.

The project was launched in 2016 at about RM580 per square foot (psf).

Jiankun said that Amani Residences is at the stage of completion and as such, the group has been actively sourcing for suitable land to develop.

In a filing with Bursa Malaysia recently, Jiankun said it is proposing to acquire a piece of leasehold land in the Melaka Tengah District, Melaka to build serviced apartments and a 28-storey hotel.

The developer said that its wholly-owned subsidiary, Key Success Development Sdn Bhd, had on December 31, 2020 entered into a Sale and Purchase Agreement with property developer Cash Support Sdn Bhd to acquire the land for RM13 million, or RM66.32 psf.

Jiankun said the proposed acquisition will provide the group an opportunity to expand its development business outside Klang Valley.

It said that the land acquisition is in line with the group’s strategy and expansion plan.

“The management of Jiankun is of the view that the proposed acquisition represents a strategic investment, after taking into consideration the location of the land, and the intention for the proposed development of two blocks of serviced apartments and one block of 28-storey hotel,” it said.

Barring any unforeseen circumstances, the proposed acquisition is expected to be completed by the second quarter of this year, said the developer.

Source: NST