Furniture maker SHH Resources Holdings Bhd is buying a piece of freehold residential land in Kajang, Selangor, measuring 2.02 ha or five acres for RM10.24 million, making its foray into property development.
In a filing with Bursa Malaysia, SHH said its 80%-owned subsidiary Rampai Pesona Sdn Bhd has entered into a sale and purchase agreement with Rising Charm Sdn Bhd for the land acquisition.
SHH disclosed that the property is rectangular in shape, approximately 25 km south-east of Kuala Lumpur and 5.8 km south-east of the Bangi town.
“The property is accessible via the SILK Highway, Jalan Reko and Persiaran KWSP onto Jalan Bistari. The property is near to several learning institutions, including Universiti Kebangsaan Malaysia and the German Malaysia Institute. The surrounding area comprises several completed and ongoing housing development schemes,” SHH said.
Rampai Pesona intends to convert the land for residential development, the filing said.