KUALA LUMPUR: Land & General Bhd has proposed the acquisition of 3.55 acres of leasehold commercial land in Pekan Desa Puchong in Petaling, Selangor for RM68.04mil cash.

       In a bourse filing, the developer said the proposed purchase will be made via its wholly owned subsidiary Billion Megastar Sdn Bhd from Hartanah Idaman (M) Sdn Bhd.

       "The Property is located within the main commercial centre of Bandar Puchong Jaya which is developed with retail shopping centres, commercial office buildings, sports centre and terraced shop offices and commercial banks," according to the filing.

       Land & General said the land is strategically located in the mature and easily accessible Puchong township, which has strong earnings potential owing to the tupe of units to be developed and the anticipated selling prices for the project.

       It added that the proposed acquisition will contribute positively to its future earnings and cash flows.