KUALA LUMPUR (Nov 23): Capital World is planning to develop a 207.5-acre township in Johor near Pengerang Integrated Petroleum Complex (PIPC), The Edge Singapore reported today.

Capital World said its subsidiary Baiduri Megaria has acquired a 100% stake in investments and property development firm Kekal Efektif for RM63 million.

The latter has the joint development right to develop five plots of 99-year leasehold parcels (207.5 acres) owned by Yayasan Pelajaran Johor. The joint development right expires on Jan 18, 2114.

With conclusion of the acquisition, Capital World will assume the joint development right to develop a township at Pantai Timur, District of Kota Tinggi.

The township will be located 22km northeast of the upcoming regional downstream oil storage and trading hub of PIPC.

Capital World will fund the transaction by cash generated from operations and financing obtained in early November this year.

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