MAJUPERAK Holdings Berhad (MHB) has entered into a term sheet agreement with Sloane Infinity Asia Pacific Sdn Bhd to acquire a 51% equity interest in Nexusbase Development Sdn Bhd (Nexus) which is currently developing Nexus Residences @ USJ Subang West.
With an estimated gross development value (GDV) of RM125 mil, the development located within a 1.5 km radius from Putra Heights and Shah Alam boasts excellent connectivity to public transit via LRT (Kelana Jaya Line) and major highways, namely Kesas, LDP, Elite and the Federal Highway.
The development will comprise 153 apartment units equipped with advanced security features such as a dual key system, cardless car entry and panic buttons across the premises, along with exclusive access to a private lift lobby for several units.
Moreover, it also contains other facilities such as a swimming pool, children’s playground and security services.
“This marks MHB’s first foray in the property market outside of the state of Perak, tapping into the vast opportunities in the Klang Valley,” Majuperak’s group CEO Nizran Noordin pointed out.
“Given its strategic location coupled with good accessibility and attractive facilities and amenities, the development represents significant potential and value, to enable Majuperak to expand our foothold in the property sector.”
Moving forward, Nizran said Majuperak will continue to seek viable opportunities to collaborate with other property developers on potential projects.
“(Additionally), Majuperak is also looking to create additional streams of income by expanding into new avenues of business such as facility management to complement and add further depth to our core business, thus strengthening our long-term prospects,” added Nizran.
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.
At 12.26pm, Majuperak was down 1.5 sen or 3.61% at 40 sen with 147,600 shares traded, thus valuing the company at RM113 mil. – Jan 29, 2021
