News: Kimlun to Build Commercial Properties on Two Johor Sites Costing RM36mil

Jan 2, 2018

 
In a bid to acquire more land in strategic locations, Kimlun Corp has agreed to purchase two sites in Johor from two different wholly-owned subsidiaries of property developer Mah Sing Group for a combined price of RM36.08 million in cash.

In a Bursa Malaysia Filing on Thursday (28 December), the engineering services firm revealed that its wholly-owned unit Kii Ashbury is acquiring freehold agricultural land measuring 72,438.73 sq m in Mukim, Plentong from Meridin East Sdn Bhd for RM21.83 million.

Meanwhile, Kimlun’s indirect wholly-owned subsidiary Kiiville Sdn Bhd is buying freehold commercial land spanning 20,836.3 sqm in Mukim Pulai, Daerah for RM14.25 million.

“The land is located within a matured township known as Taman Sri Pulai Perdana, near
Pulai Springs Resort. It is located along Jalan Persiaran Pulai Perdana and Skudai Pontian Highway. It is approximately 20km away from Senai Airport and approximately 24km to Johor Bahru city centre,” it said in a statement.

The company intends to develop commercial properties on both sites to boost its future revenue and net profit. Both acquisitions will be funded by internal resources and/or external borrowings, but the exact breakdown has not yet been finalised at this point.

Both transactions are expected to be completed not later than Q4 2020.

 

Image sourced from Mah Sing Facebook.

 

This article was edited by the editorial team of PropertyGuru. To contact them about this or other stories email editorialteam@propertyguru.com.my

 

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Ahmad Darul Azhar bin Mohamed Ali
Real Estate Negotiator
Chester Properties Sdn. Bhd.
darulazhar@yahoo.com
(+60) 19-3596858