KUALA LUMPUR (July 31): Property developer Eastern & Oriental Bhd (KL:E&O) and Majestic Gen Sdn Bhd will acquire a 5,682 sq m freehold parcel of land along Jalan Kia Peng, Kuala Lumpur for RM189.9 million to develop  a premium residential project.

The land, which currently houses a 30-storey condominium, will be acquired by KP Urban Sdn Bhd from private property investment company Twelve Kiapeng Sdn Bhd, according to the group’s filing with Bursa Malaysia on Friday.

KP Urban is jointly owned by KCB Holdings Sdn Bhd, a wholly-owned subsidiary of E&O with 66.67% equity interest. The remaining 33.33% equity interest is held by Golden Urban Nite Sdn Bhd, an affiliated company of Majestic Gen.

Twelve Kiapeng is owned by Theng Realty Sdn Bhd, E&O’s bourse filing showed.

“The acquisition of the land will enable KP Urban Sdn Bhd to undertake a residential development project in a strategic location, thereby enhancing its project pipeline and future growth prospects, subject to the necessary approvals being obtained and prevailing market conditions,” the filing said.

In a separate statement, E&O said the site is planned for a premium high-rise residential development that will combine its placemaking expertise with Majestic Gen’s development capabilities.

“Jalan Kia Peng is one of Kuala Lumpur’s most established and desirable addresses, and securing this prime freehold site allows us to create another thoughtfully designed development that reflects E&O’s commitment to placemaking, design excellence and enduring value,” added Ta Wee Dher, Group Managing Director of Majestic Gen.