Daiman Development buys Johor land for RM64m

KUALA LUMPUR (June 11): Property developer Daiman Development Bhd has acquired two parcels of freehold land in Tebrau, Johor Bahru for RM64.46 million, it announced to  Bursa Malaysia on Monday.

The group, via its unit Daiman Impian Sdn Bhd, had entered into a sale and purchase agreement with Johor Land Bhd for the two parcels that measure 85.85 acres and 93.64 acres each. The price was arrived at on a wiling buyer-willing seller basis and translated into RM6.43 psf.

The smaller parcel has been earmarked for agriculture use while the other tract is zoned for a mixed development.

Daiman Development said the acquisition was part of its landbanking activities and was attractive due to the prospects of Johor's property market, with potential for mass housing.

Looking for properties to buy or rent? With >150,000 exclusive listings, including undervalued properties, from vetted Pro Agents, you can now easily find the right property on Malaysia's leading property portal EdgeProp! You can also get free past transacted data and use our proprietary Edge Reference Price tool, to make an informed purchase.