PETALING JAYA: Selangor Dredging Bhd’s (SDB) wholly owned subsidiary SDB Damansara Sdn Bhd has terminated its RM71 million land disposal to Bukit Selesa Development Sdn Bhd (BSDSB).
This comes after BSDSB failed to obtain the approval from the relevant authorities for an amended development order (DO) that was stipulated in the agreement, according to SDB’s filing with Bursa Malaysia.
“The extended CP period to obtain the amended DO has expired on Oct 17, 2019, 5pm and pursuant to clause 4.3 of the agreement, BSDSB has exercised its rights to terminate the agreement.”
The sales and purchase agreement for the 16 parcels of land was signed in October 2016.
Prior to the proposed disposal to BSDSB, SDB had planned to develop 21 luxury bungalows with a gross development value of RM210 million.
However, in 2008, the development was fined and a stop work-order was issued by Kuala Lumpur City Hall for flouting certain building rules.
Subsequently, the government imposed a freeze on hillslope developments.
