's indirect subsdiary Kii Melodia Sdn Bhd has purchased two plots of freehold commercial land in Plentong, Johor Bahru from Sri Alam Properties Sdn Bhd for RM40.5mil cash.It said in a statement the plots were 6.08 acres and 5.04 acres respectively. The purchase considerations translates to about RM83.61 psf.
Kimlun said in a statement that the proposed acquisition provides an opportunity for the group to increase the size of its land bank in a strategic location to enhance its future revenue and earnings.
"KMLDSB plans to build commercial properties on the 2 Commercial Plots for sale.
"Development application will be submitted to the relevant authorities for approval after planning and development details are completed in xonsultation with relevant consultants such as surveyor and architect," it said.
The proposed acquisition is expected to be completered no later than the third quarter of 2021.