The acquisition represents a strategic step in expanding our presence within Petaling Jaya, said Pol.

PETALING JAYA: Property developer Avaland Bhd has entered into an agreement to acquire a 2.2-acre prime development land in Section 13, Petaling Jaya, for RM49mil. 

Strategically located in the matured and affluent Petaling Jaya neighbourhood, the site enjoys excellent connectivity and proximity to established public amenities and infrastructure. Adjacent to  Plaza 33, the land is just 3km from University Malaya and 16km from Kuala Lumpur City Centre, with convenient access to key destinations such as Mid  Valley, Bangsar South, Asia Jaya LRT Station and Phileo Damansara MRT  Station, as well as major highways including the Damansara-Puchong  Expressway and the Federal Highway. 

Subject to obtaining the requisite regulatory approvals, Avaland intends to undertake a high-rise commercial development on the Land, with an estimated gross development value of approximately RM320mil.  

Avaland chief executive officer Apollo Bello Tanco (Pol) said: “We are excited about this acquisition as it represents a strategic step in expanding our presence within the vibrant and thriving township of Petaling Jaya. The encouraging response to our earlier developments across the Klang Valley reinforces our confidence in this location. With its mature township appeal, excellent infrastructure and proximity to key urban centres, this acquisition aligns with our long-term strategy of delivering high-quality, sought-after developments in prime growth areas across the Klang Valley. 

"The upcoming development will form part of our AVA Prime series, which is dedicated to delivering thoughtfully designed, premium homes tailored to meet the needs of professionals and growing families. We are confident that this addition to our landbank will further strengthen our development pipeline and contribute positively to the Group’s long-term earnings. As we  continue to build on our growth momentum, we remain committed to  actively pursuing strategic land banking opportunities that support  sustainable and value-accretive growth going forward.” 

The acquisition will be funded through a combination of internallygenerated funds and bank borrowings. 

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