KUALA LUMPUR (March 21): KSL Holdings Bhd announced yesterday the acquisition of nine parcels of freehold land measuring 74.72ha in Johor Bahru for RM176.94 million. This comes just eight days after the property group proposed the purchase of two leasehold tracts measuring 47.74ha in the district for RM133.59 million.

In a filing with Bursa Malaysia, the Johor-based group said its wholly-owned subsidiaries Gantang Jaya Sdn Bhd and Bintang-Bintang Development Sdn Bhd yesterday signed agreements with Pulai Springs Resort Bhd for the acquisition of the nine parcels.

Gantang Jaya is buying three plots for RM4.45 million while Bintang-Bintang is acquiring the other six tracts for RM172.48 million.

KSL said that just like the earlier announcement on March 12, the latest one will enlarge the group’s landbank to enhance future revenue and earnings.

The group also plans to use the land for landed property development and further enhance its presence in Johor’s property market. KSL shares closed unchanged at RM1 yesterday, with a market capitalisation of RM1.02 billion.

This article first appeared in The Edge Financial Daily, on March 21, 2018.

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