Subsidiaries of Malaysian real estate developer KSL Holdings Berhad signed conditional agreements to purchase a total of nine freehold land parcels, encompassing about 747,184 square meters in Mukim of Pulai, Johor Bahru, Malaysia, for 176.9 million ringgit in cash from Pulai Springs Resort Berhad.
Bintang-Bintang Development Sdn Bhd will acquire six of the land parcels for roughly 172.5 million ringgit, while Gantang Jaya Sdn Bhd will pay approximately 4.5 million ringgit for the remaining three properties. The assets are all situated within the Pulai Springs Resort in the district of Johor Bahru.
A mix of internally generated funds and/or bank borrowings, the ratio of which is yet to be determined, will fund the consideration, according to a release.
The assets are slated to change hands by 2018-end.
As of March 21, US$1 was equivalent to 3.92 ringgit.