One of the key engines behind the rising prominence of Bangsar South has been UOA Development Bhd’s anchor development, Bangsar South City.
However, the company recently indicated that it has more in store for the burgeoning new suburb with the purchase of a 9,686.682 sq ft parcel in the area – where development land is rapidly becoming scarce.
In a filing with Bursa Malaysia recently, UOA said it would purchase the land from Suileem Realty Sdn Bhd for RM81.1 million.
The parcel, it said, has been earmarked for another commercial development that will complement existing offerings at Bangsar South City.
Referring to the proposed acquisition as a “strategic move”, it indicated that the new development will be an expansion of the commercial and trade mix it has already created in the vicinity.
It also said that the proposed acquisition shall be satisfied by cash from internally generated funds.