KUALA LUMPUR: TSR Capital Bhd is acquiring four parcels of land in Port Dickson measuring about 46.89 acres for RM36.8 million in line with its expansion plans in Negeri Sembilan.
In a statement Tuesday, June 28, TSR Capital said its wholly-owned unit TSR Ocean Park Sdn Bhd had entered into three sale and purchase agreements with Best Reap Sdn Bhd to acquire the land.
TSR Capital said of the lands, two parcels had leases expiring in May 2085, one in October 2085 while for the other plot, the lease period would be determined upon issuance of the title by the state authority.
It said the acquisition would be financed via internally generated funds and/or bank borrowings.
On the rationale for the acquisition, TSR Capital said it was in line with its expansion plans in Negeri Sembilan and to increase its land bank to generate long term sustainable income.
"The lands are located in the city centre of Port Dickson with seaside fronting and suitable for commercial mix development.
"TSR is of the view that the proposed acquisition will generate economic benefits and contribute positively to the earnings of the group," it said.
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