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KUALA LUMPUR (Dec 29): Property developer Bina Darulaman Bhd said it is acquiring three plots of land in Sungai Petani from the Kedah State Development Corporation (PKNK) for RM4.63 million.
The land, measuring a total of 13.29 acres, is being acquired by its wholly-owned subsidiary, BDB Land Sdn Bhd, the group said in a filing to Bursa Malaysia today.
Bina Darulaman said the acquisition will provide BDB Land with an opportunity to optimise its expertise as a property developer and generate profit from development of the land.
“The land has good accessibility with direct connection to the PLUS expressway. It is very strategic, as it is adjacent to BDB Land’s current township, Darulaman Perdana.
“Besides, it may attract non-Malay market, since (it holds) the status of non-Malay reserve land,” the group said.
It said the acquisition is expected to contribute positively to its earnings for financial years 2017 to 2019 .
The land is currently designated and has a freehold status, as well as been categorised under land use zoning for mixed housing development.
Shares in Bina Darulaman closed unchanged at 68 sen today, in thin volume of 38,000 shares. The company had a market capitalisation of RM206.62 million. — theedgemarkets.com
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