Bedi completes RM15.92m land acquisition in Kota Kinabalu for future mixed development

PETALING JAYA (April 28): Bedi Bhd has completed its acquisition of an 8.7-acre parcel of land in Bukit Padang, Kota Kinabalu, Sabah, following the payment of the balance of the purchase consideration to the vendors.

Bedi, formerly known as WMG Holdings Bhd until Sept 2025, is a property developer listed on Bursa Malaysia's Main Market.

In its Bursa Malaysia filing, the company said the proposed acquisition — undertaken through its direct wholly-owned subsidiary, Wah Mie Realty Sdn Bhd — is deemed completed as of Monday, within the second quarter timeline the company had guided when the deal was first announced in early March.

The land was acquired from five individual vendors — Lee Fui Chen, Lee Vun Yeng, Lee Vun Yee, Lee Tien Rui, and Lee Sheng Chieh — for a total cash consideration of RM15,916,824, or approximately RM42 psf. 

The 8.7-acre site forms part of a larger 15.99-acre tract, which was subdivided into two lots prior to completion.

Bedi said the land, situated in a well-established area with access to key infrastructure and amenities, is earmarked to strengthen the group's landbank and project pipeline for future mixed development. 

The acquisition was funded through a combination of internal funds and bank borrowings.

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