KUALA LUMPUR (Oct 17): Oil palm planter and property development company Golden Land Bhd is to acquire two parcels of land situated in Bentong, Pahang for RM9.91 million, with the purpose of developing terrace houses on the sites.

In a bourse filing on Monday (Oct 17), Golden Land said its wholly-owned subsidiary Scott Emas Sdn Bhd has inked an agreement with Everwin Realty Development Sdn Bhd to purchase the plots of land measuring 19.812 acres.

The proposed acquisition is deemed a related party transaction, given that Golden Land’s chief executive officer Yap Phing Cern and executive director Yap Fei Chien’s brothers, namely Yap Phing Jeng and Yap Phing Siang, each have a 47.5% stake in Everwin.

Main Market-listed Golden Land said it intends to develop terrace houses on the parcels of land, as per an approved development plan by the Bentong Municipal Council.

“The lands are located next to Karak Town. As there is currently no new development in Karak, the group expects the project [to] sell reasonably well.

“Karak has developed rapidly in the eco-tourism sector; as such, it is now a popular destination [as a] weekend getaway for residents of the Klang Valley,” it added.

Barring any unforeseen circumstances, Golden Land said the acquisition is expected to be completed within a year from now.

Shares in Golden Land ended unchanged at 31.5 sen on Monday, giving the company a market capitalisation of RM70.22 million.