Aspen to fork out RM66.7m for Kajang land

MALAYSIA-BASED property development group Aspen (Group) Holdings said after Thursday trading close that it has entered into a sale and purchase agreement for some 22,954 square metres of freehold land for over RM66.71 million (S$21.4 million).

The agreement was signed on Sept 28 between its wholly owned subsidiary, Aspen Vision Development (Central) and privately-held Tropicana Kajang Hill.

The land in a matured township, Kajang, just 30km from Kuala Lumpur city centre, has been approved for a proposed development of two blocks of residential properties comprising Small Office Home Office (SOHO) and serviced apartments, one block of nine-storey podium car parks, 16 retail shop lots and other facilities.

Aspen Vision Development will pay a 10 per cent deposit on execution of the agreement and the balance to Tropicana Kajang Hill. Within seven months from the completion of the agreement.

Separately, Aspen Vision Realty, another subsidiary of the Malaysia-based group, and Tropicana Kajang Hill have agreed to call off an earlier deal involving the sale and purchase of two plots of freeland land in Bandar Batu 18, Semenyih, Ulu Langat, Selangor, Malaysia.

Tropica Kajang Hill will refund AV Realty the RM1 million deposit paid ahead of the execution of the now aborted RM10 million sale and purchase agreement.