Cyberjaya Education Group proposes RM15m Dengkil land buy for university growth
Cyberjaya Education Group Bhd has proposed acquiring three parcels of freehold vacant commercial land in Dengkil, Selangor for RM15 million. The land, spanning approximately 266,697 sq ft, is intended to support the University of Cyberjaya’s future expansion with potential uses including student acc
PETALING JAYA (Oct 9): Cyberjaya Education Group Bhd has proposed acquiring three parcels of freehold vacant commercial land in Dengkil, Selangor for RM15 million to support the University of Cyberjaya’s future growth, with potential uses including student accommodation and other facilities.
In a Bursa Malaysia filing on Thursday (Oct 8), the group said its indirect wholly owned subsidiary, Ilmu Living Sdn Bhd, had signed a sale and purchase agreement (SPA) on the same day with Maju Puncakbumi Sdn Bhd (in liquidation), represented by its liquidator. The three contiguous parcels in Mukim Dengkil, Sepang district span approximately 266,697 sq ft and are located near the university, according to the filing.
The group said potential uses include student accommodation, sporting and recreational facilities, commercial amenities and other complementary facilities supporting the university and its student community. The eventual development concept, scale and implementation timeline will be determined following further feasibility studies, planning and assessment of the group’s requirements, and will be subject to regulatory approvals.
The RM15 million purchase price was determined through a competitive tender conducted by the vendor through its liquidator. A bid submitted on behalf of Ilmu Living on April 14 was accepted through a letter dated July 21. The group said an independent valuation supported its board’s view that the purchase price was within the properties’ prevailing market value.
Ilmu Living has paid RM1.5 million, representing 10 per cent of the consideration. The remaining RM13.5 million is expected to be funded through internally generated funds, bank borrowings or a combination of both. The funding mix has yet to be determined. Completion is conditional upon the vendor procuring the issuance of replacement issue documents of title and obtaining state authority consent for the transfer, both at its own expense. These conditions must be fulfilled within six months of the agreement, unless the parties agree to another date in writing.
The group said the proposed acquisition does not require shareholder approval and is expected to be completed by the third quarter of 2027, barring unforeseen circumstances and subject to fulfilment or waiver, where applicable, of the SPA’s conditions precedent. The company said the acquisition is not expected to materially affect earnings or earnings per share for the financial year ending June 30, 2027, as the vacant land does not generate income.
