Sarawak-based property developer Ibraco Bhd has proposed to buy four parcels of vacant freehold land in Petaling Jaya, Selangor, measuring a total of 15,811.16 sq m for RM37.44 million.

The price for acquiring the Petaling Jaya lands has been adjusted to around RM220 per sq ft, Ibraco added.

The land acquisition move, which marked its second venture in expanding its business in West Malaysia, was formalised after Ibraco inked sales and purchase agreements with two firms: Milan Sanctuary Sdn Bhd and Jurapat Sdn Bhd.

According to Ibraco, the lands — which is fronting the New Pantai Expressway — had received a development order from the local authority, Majlis Bandaraya Petaling Jaya, for a mixed commercial development.