Business

Gamuda buys land worth RM620m for new development

KUALA LUMPUR, June 14 — Malaysian construction and property firm Gamuda Bhd said it is buying land worth RM620 million in the country’s richest state of Selangor for residential and commercial development.

The purchase, to be paid with internal funds and loans, is expected to generate gross development value of RM5 billion over 16 years, Gamuda said in a filing to the stock exchange late yesterday.

The deal covers 724 acres of agricultural land about 30 kilometres north of the capital Kuala Lumpur. — Reuters

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