A unit of property developer KSL Holdings Bhd. agreed to acquire two parcels of leasehold land encompassing about 47.7346 hectares in Johor, Malaysia, for roughly 133.6 million Malaysian ringgit in cash.
Under a March 12 conditional agreement, Goodpark Development Sdn. Bhd. will acquire the land from Grace Versatile Sdn. Bhd. in a deal that is expected to complete in 2018.
The land is at the intersection of Jalan Kota Tinggi and Senai-Desaru Expressway in Ulu Tiram locality, and the leases on the parcels are set to expire Jan. 3, 2115.
One of the conditions of the agreement is that the land shall be used for medium-industry factory purposes and other related uses.
KSL said it will fund the acquisition using internally generated funds and/or bank borrowings, noting that it will use the land for property developments.
As of March 12, US$1 was equivalent to 3.91 Malaysian ringgit.
