KUALA LUMPUR: FCW Holdings Bhd
’s 55%-owned subsidiary, Urban Reach Sdn Bhd has proposed to acquire a parcel of leasehold industrial land in Setapak, Kuala Lumpur for RM43.08mil cash.
The 3.53-acre land is located along Jalan Usahawan 5 which is within an industrial area known as the PKNS Setapak Industrial Area. It is located 8.5 km northeast of the Kuala Lumpur City Centre and 3.5 km west of the Wangsa Walk Mall.
On June 8, the land was granted a conditional development order (DO) by the Kuala Lumpur City Hall for a commercial development comprising a 56-storey serviced apartment building and a nine-storey car park block together with one level of facilities deck (conditional DO).
However, Urban Reach will not be proceeding with the development contents as set out in the approved conditional DO.
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