KUALA LUMPUR (Jan 8): Property developer Kerjaya Prospek Property Bhd (formerly GSB Group Bhd) is buying five pieces of land along Jalan Puchong/Jalan Klang Lama here for a combined RM13.03 million.
Kerjaya Prospek Property said the land will complement its existing Bloomsvale mixed development in Jalan Klang Lama.
It added that the proposed acquisition will enable the group to focus on its core business of property development and to expand and strengthen its landbank.
In a bourse filing today, Kerjaya Prospek Property said its wholly-owned subsidiary GSB Properties Sdn Bhd (GSBP) had entered into sale and purchase agreements for the proposed acquisition.
It added that it will fund the purchase consideration via internal funds and/or bank borrowings.
"The land will serve as landbank for GSBP's property development activities. It is strategically located along Jalan Puchong/Jalan Klang Lama and easily accessible from Kuala Lumpur via Jalan Syed Putra, Jalan Klang Lama and Jalan Puchong and is nearby the Bloomsvale project.
"The Bloomsvale project has received encouraging response since its launch in May 2019," it said.
It noted that the exact use of the land have not been determined at this juncture.
Barring any unforeseen circumstances, the proposed acquisition is expected to be completed in April 2021.
Kerjaya Prospek Property shares closed down half a sen or 2.7% at 18 sen today, bringing a market capitalisation of RM99.44 million.