Gelonghui, January 19 | Wanshichang International (00898.HK) announced that on January 19, 2024, the developer (the company's indirect wholly-owned subsidiary) entered into a land development rights agreement with the land owner. According to this, the land owner has agreed to grant the developer the right to develop the property in accordance with the terms of the land development rights agreement, and the developer has agreed to purchase these rights at a cost of about HK$263 million.
The property refers to all freehold land owned by H.S. (D) 43128, PT 58748, Mukim Dengkil, Daerah Sepang, Negeri Selangor, covering an area of approximately 222,373.49 square meters.
A land development rights agreement will help the developer have the right to develop the property to implement the development project and establish a brand, market, promote, and sell and/or rent out as a unit to earn revenue. The development project will further strengthen and promote the Group's development in Malaysia, which is beneficial to the Group's property development and property investment business.