Construction firm Huationg Global plans to spend $58 million to develop a workers' dormitory by acquiring a 4,385 sqm 45-year-leasehold plot from an unrelated third party.
Construction work at the site, Lot 8244M of Mukim 27, will start in the second half of this year and is targeted for completion by second half of 2028.
Huationg expects the dorm to commence operations by first half of 2029.
The company plans to fund this project via a combination of internal resources and bank borrowings.
"The proposed acquisition and proposed development would positively contribute to the business of the group," says Huationg in its May 7 announcement.
Huationg Global shares closed at 87 cents on May 7, up 1.16% for the day, extending its year to date gain of 64.15%.
