KUALA LUMPUR: Trading and services company Fiamma Holdings Bhd has acquired leasehold land measuring 0.72 hectares along Jalan Yap Kwan Seng from the Federal Territories Land and Mines Office for RM109.65 million, to build a mixed development.

In a filing with Bursa Malaysia Securities, Fiamma's board of directors announced that its real estate unit, Sinaran Urusjuta Sdn Bhd (SUSB), has been granted alienation land approval pursuant to a letter dated  June 17, 2021 to develop a piece of leasehold land (Lot 154) on Jalan Yap Kwan Seng, Seksyen 44, Kuala Lumpur upon the payment of land premium of RM109.65 million.

Fiamma paid the land premium on behalf of SUSB on September 7, 2023.

Fiamma plans to build a 20 per cent residential and 80 per cent commercial development on the land, which is located near an existing 0.56 hectare land it owns.

Almost a year ago, Chin Hin Group Bhd's founder and executive chairman Datuk Seri Chiau Beng Teik and his son Chiau Haw Choon emerged as major shareholders in the company.

Fiamma's share price closed at 94.5 sen a share today.