Petaling jaya: Property developer Avaland Bhd has entered into an agreement to acquire 2.2 acres (0.89 hectare) of prime development land in Section 13, Petaling Jaya worth RM49 million. Avaland said in a statement today that it intended to undertake a high-rise commercial development on the land, with an estimated gross development value of RM320 million.

According to BERNAMA News Agency, chief executive officer Apollo Bello Tanco emphasized that the acquisition aligns with the company's long-term strategy of delivering high-quality, sought-after developments in prime growth areas across the Klang Valley. Tanco highlighted the mature township appeal, excellent infrastructure, and proximity to key urban centres as significant factors in the decision.

"We are confident that this addition to our landbank will further strengthen our development pipeline and contribute positively to Avaland's long-term earnings," Tanco stated. "As we continue to build on our growth momentum, we remain committed to actively pursuing strategic landbanking opportunities that support sustainable and value-accretive growth," he added.

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