Thriven to acquire land earmarked for apartments in Butterworth

• Thriven Global Bhd is acquiring 4,700 sq metres of freehold land in Butterworth that has been approved for the development of serviced apartments.

KUALA LUMPUR (Sept 22): Thriven Global Bhd is acquiring 4,700 sq metres of freehold land in Butterworth that has been approved for the development of serviced apartments.

The group's subsidiary, Bukit Punchor Development Sdn Bhd, is buying the land from Star Sanctuary Land Sdn Bhd for RM21 million, the property developer said in a bourse filing.

Of the sum, RM13.88 million will be set-off against the payment to be made by Star Sanctuary to Mayfair Ventures Sdn Bhd, another subsidiary of Thriven.

This is in respect of Star Sanctuary’s purchase of 12 units of service apartment and one SoHo (small office, home office) in Lumi Tropicana, Petaling Jaya from Mayfair.

Thriven said the acquisition is expected to be completed within three months and is expected to contribute positively to the future earnings of the group.

Thriven’s share price closed unchanged at 13.5 sen on Thursday (Sept 22), bringing it a market capitalisation of RM73.8 million.