Crescendo sells another piece of land in Johor for RM201m, offers buyer option for second plot at RM249m

• Crescendo said the lands are not generating cash flow, and the disposals are in line with a series of land sales undertaken over the past two years to unlock value, realise disposal gains and strengthen its financial position.

KUALA LUMPUR (Nov 14): Johor-based property developer Crescendo Corp Bhd (KL:CRESNDO) is divesting another parcel of land in the state for RM200.88 million and has granted the purchaser the right to buy an adjoining parcel worth RM249.07 million.

Crescendo said its wholly-owned subsidiary Crescendo Development Sdn Bhd (CDSB) has signed a conditional sale and purchase agreement (SPA) with Pioneer Real Estate Development Sdn Bhd (PRED) for the disposal of a piece of vacant industrial land measuring 40.10 acres in Kota Tinggi, Johor, for RM200.88 million, according to its filing with Bursa Malaysia on Friday.

Separately, CDSB also signed a right-of-first-refusal and SPA with PRED, granting the buyer the option to acquire an adjacent industrial parcel measuring 49.72 acres for RM249.07 million anytime up till May 31, 2026.

Both parcels are vacant industrial lands located in the Mukim and District of Kota Tinggi, sitting side by side and currently undeveloped. Crescendo’s original investment costs for the first parcel was RM9.36 million and RM11.6 million for the adjacent parcel.

Crescendo said the lands are not generating cash flow, and the disposals are in line with a series of land sales undertaken over the past two years to unlock value, realise disposal gains and strengthen its financial position.

“The proposals will provide the group with the opportunity to realise a gain on disposal and unlock the value of its investment in the subject properties,” Crescendo said.

The company added that the monetisation exercise will free up resources as the group focuses on four ongoing development projects, while allowing it flexibility to pursue land-banking and joint-venture opportunities should they arise.

The two proposed disposals are expected to generate gross cash proceeds of RM449.95 million, Crescendo said.

Of this, the group said it will earmark RM106.15 million for post-completion development works on the land, and another RM70 million for partial repayment of the group’s outstanding Medium-Term Notes (MTN), which will help reduce gearing and preserve cash for ongoing projects.

Over the past years, Crescendo has been a key beneficiary of rising data center–driven land demand in Johor. Between November 2023 and September 2025, the developer sold eight parcels of land, several of which went to data centre investors, raising more than RM1 billion.

Including the latest disposal (RM200.88 million) and the ROFR-linked disposal consideration (RM249.07 million), Crescendo’s cumulative land sales over the three-year period amount to RM1.45 billion.

Shares in Crescendo closed one sen or 0.79% lower at RM1.26 on Friday, valuing the group at RM1.07 billion.

As Penang girds itself towards the last lap of its Penang2030 vision, check out how the residential segment is keeping pace in EdgeProp’s special report: PENANG Investing Towards 2030.