Shah alam: Hextar Global Bhd, through its 70 per cent indirectly owned subsidiary Hextar Landmark Sdn Bhd, has partnered with Perbadanan Kemajuan Negeri Selangor (PKNS) to develop an integrated mixed-use development in Siera Alam, Shah Alam. The project boasts an estimated gross development value (GDV) of RM3.8 billion.
According to BERNAMA News Agency, Hextar Landmark has entered into a joint venture agreement with Kotaputeri Development Sdn Bhd (KDSB), a subsidiary of PKNS, to develop approximately 240.388 acres through the joint venture company Hextar Siera Sdn Bhd. Hextar Landmark will hold a 70 per cent equity stake in Hextar Siera, with KDSB holding the remaining 30 per cent.
The development is aimed at middle to upper middle income upgraders seeking enhanced homes and amenities. It marks Hextar's first foray into property development, with plans to roll out the project over an estimated 10-year period. The project will feature terrace houses, semi-detached villas, and commercial components, alongside high-rise residential, commercial, and lifestyle elements.
The project will adopt a 'Park First, Home Second' philosophy, focusing on creating a central park and lake as the community's social hub, with pedestrian-friendly streets and landscaped surroundings. Hextar Siera has entered into a sale and purchase agreement with PKNS to acquire the development land for RM270 million, funded by bank borrowings and equity, supported by an independent valuation by Laurelcap Sdn Bhd.
As the joint venture is expected to contribute significantly to Hextar's net profit, the group plans to seek shareholder approval to diversify into property development and related sectors. PKNS CEO Datuk Mahmud Abbas highlighted the partnership's role in optimising land value and supporting Selangor's urban regeneration agenda. He stressed the importance of selecting partners with aligned development philosophies and long-term value creation capabilities.
Mahmud noted that PKNS holds significant landbank but requires strategic partners to develop it fully, leveraging their expertise to maximise land value. The collaboration is expected to safeguard the state's interests while driving sustainable township development in Selangor.