Crescendo buys three plots of land in Johor for RM67.5 mil

• The group said the purchase price was calculated at the rate of RM14.50 per sq ft except for the Tenaga Nasional Bhd transmission line area, which was calculated at the rate of RM7.25 per sq ft.

KUALA LUMPUR (Feb 8): Crescendo Corp Bhd (CCB) is buying three plots of land measuring 109.855 acres in Kota Tinggi, Johor, to expand its landbank.

The group said it is buying the plots, located near its existing development in Bandar Cemerlang, from Johor Land Bhd for RM67.55 million.

“The plots are located in a strategic location and they will enable the CCB Group to further expand its landbank near its existing development.

“The acquisition will increase the landbank of the CCB Group for property development and will contribute positively towards the CCB Group’s long-term growth in terms of cash flow and profitability,” said CCB in a bourse filing.

The group said the purchase price was calculated at the rate of RM14.50 per sq ft except for the Tenaga Nasional Bhd transmission line area, which was calculated at the rate of RM7.25 per sq ft.

The net book value of the land based on the latest available audited financial statements of Johor Land as at Dec 31, 2022 is RM8.59 million.

The acquisition — which is expected to be completed by the third quarter of 2023 — will be settled by cash through internal funds or its existing loan facilities, said CCB.

CCB's share price closed flat at RM1.19 on Wednesday, giving the group a market capitalisation of RM333.75 million.