The group said the acquisition is in line with its strategy to focus on development in the northern region of Peninsular Malaysia and to continuously replenish and expand its existing landbank in strategic locations.
Axis REIT Managers Bhd said it has identified the assets for acquisition, and negotiations with the sellers are ongoing and expected to take at least six months.
The occupancy rate stands at 94% with a stable weighted average lease expiry of 5.5 years.
The industrial packaging company said it had entered into an agreement for the exclusive rights to develop a 6,774 sq m piece of land in Seberang Perai Tengah, Penang for RM10 million.
“The construction of the Don Sahong Hydropower Project is still ongoing and is currently 65% complete.”
I-Bhd said it expects the property development segment to continue to contribute positively to the group’s performance in the current financial year...
“Within one year, we think the normal construction pace will come back. You will see work package contractors like us likely to benefit from the whole new system,” Pang said.
News reports quoted Damansara MP Tony Pua as saying no companies had responded to the Malaysian Government's tender request for the development of Bandar Malaysia.
At 11.27am, George Kent rose 11 sen or 8.53%, with 60.40 million shares traded.
The group is looking to achieve a higher sales target of up to RM500 million in FY18.
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