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AVALAND Bhd is set to expand its footprint in Kuala Lumpur (KL) with the acquisition of nine parcels of freehold land at Jalan Putra for RM148.8 million.
The 3.2-acre (1.29ha) site will be transformed into a mixed-use commercial development with an estimated gross development value (GDV) of RM900 million.
Strategically located within a mature neighbourhood, the land is surrounded by key city landmarks such as Sunway Putra Mall, World Trade Centre KL, Chow Kit Market, Petronas Twin Towers, Bukit Bintang and Dataran Merdeka.
It also offers proximity to major roadways including Jalan Tun Razak and Jalan Kuching.
Importantly, the site is highly accessible via public transport, situated just 100m from the Putra World Trade Centre (PWTC) Light Rail Transit (LRT) station and 550m from the Chow Kit Monorail station — making it ideal for a transit-oriented development.
Avaland CEO Apollo Bello Tanco said the acquisition aligns with the group’s strategy to strengthen its presence across the Klang Valley.
“This acquisition complements our existing developments in Seputeh and Taman Desa while positioning us to introduce investment-focused products in a prime urban location. It also reinforces our brand as a high-quality property developer,” he said.
The project will be Avaland’s second major land acquisition in recent months, following its purchase in Seksyen 13, Petaling Jaya (PJ).
Together, both proposed developments are expected to generate a combined GDV exceeding RM1.2 billion.
“We will continue to actively pursue strategic landbanking opportunities within key growth centres to drive sustainable growth,” Tanco added.
The KL land acquisition will be funded through a mix of internally generated funds and bank borrowings. — TMR
- This article first appeared in The Malaysian Reserve weekly print edition
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