Tiara Best Sdn Bhd, a 70% subsidiary of Engtex Properties Sdn Bhd, has acquired two piece of leasehold land, through public auction, for RM31mil.
The agriculture land, totalling 72.8 ha, is located in Puncak Alam, a main township in Kuala Selangor.
In a filing with Bursa Malaysia yesterday, Engtex Group Bhd said Tiara Best intended to convert the properties into industrial land and then develop it into an integrated industrial park with an estimated gross development value of RM166mil.
Engtex Properties is a wholly-owned subsidiary of Engtex Group.
Based on preliminary plans and subject to the approval of relevant authorities, Tiara Best will offer industrial lots for sale within the industrial park.
News Source: The Star