KUALA LUMPUR (Aug 27): Kerjaya Prospek Property Bhd is buying a parcel of leasehold land in Sungai Buloh, Selangor for RM42 million cash, to expand its landbank size.

The group via its wholly-owned subsidiary Greencove Sdn Bhd has entered into a sale and purchase agreement with Prousaha (M) Sdn Bhd, a wholly-owned unit of Asia Pac Holdings Bhd, to acquire the land with a temporary building erected thereon, according to a bourse filing.

It said the land will serve as a landbank for Greencove’s property development activities, but the exact use of the land has not been determined at this juncture.

The purchase price was arrived at on a willing buyer-willing seller basis, said the group, adding that the exercise is expected to enhance the net assets of the group in the future.

Barring any unforeseen circumstances, the exercise is expected to be completed by April 2022.

Shares of Kerjaya Prospek Property ended half a sen or 0.58% higher at 86 sen, giving it a market capitalisation of RM344.12 million.