Nextnation acquires 5.9 acres commercial land in Cyberjaya

KUALA LUMPUR (Mar 28): Nextnation Communication Bhd, a mobile application service provider, acquired 5.9 acres of commercial land in Cyberjaya for RM18.52 million, the group announced in a press release on Tuesday.

"The acquisition is in line with the expansion plans of the core business activities of Nextnation and its subsidiaries," said spokesman Augustone Cheong.

"The management is planning for the next five years of internal consumption, which includes development of office space and facilities, such as a data centre, R&D labs and incubation campus on the land for internal use."

The potential gross development value (GDV) of the land is between RM400 million to RM500 million. Additionally, Cheong added that "property development is not intended to be our core business, at least in the near term".

The acquisition will not contributed financially to the group for the next 12 to 18 months but is expected to do so in the medium and long term.