PETALING JAYA: OCR Group Bhd proposed its first venture into industrial development through the acquisition of a 50% equity interest in OCR Selayang for approximately RM14.1mil to be satisfied by the issuance of 105 million consideration shares.

       The integrated property developer said OCR Selayang holds three pieces of freehold industrial lands totalling 600,000 square feet in Selayang, Selangor, of which two pieces will be subdivided into five saleable industrial detached plots.

       OCR managing director Billy Ong Kah Hoe said this first industrial land acquisition would diversify the company’s portfolio, which currently comprise residential properties across affordable, mid-range and high-end offerings.

       “The exercise will immediately be earnings-accretive for the group, complementing the new sales and billings from existing projects that will be delivered across Klang Valley and Pahang in financial year 2022,” Ong said.

       “These lands are located within immediate vicinity of industrial properties in Selayang including factories and commercial shop-offices, as well as residential developments.

       “In fact, the sales in hand for these lands indicate the high attraction rate for buyers, in light of the potential workforce and nearby amenities,” he added.

       OCR said the proposed acquisition is expected to be completed in the first quarter of 2022.