Crescendo said the lands are not generating cash flow, and the disposals are in line with a series of land sales undertaken over the past two years to unlock value, realise disposal gains and strengthen its financial position.
The group said it will continue to monitor headwinds such as minimum wage increases, subsidy rationalisation for fuel and electricity, and tax expansions, which could raise cost pressures.
The cost of investment of the land, including land acquisition cost, other development and finance cost capitalised up to Jan 31, 2025 was RM12.
Forbes Asia specifically highlighted that the renewable energy, electric vehicle and data centre companies had benefited from the boost in momentum in their industries.
The Johor-based property developer recorded a net profit of RM536.
Crescendo’s wholly-owned unit Panoramic Industrial Development Sdn Bhd inked a sale and purchase agreement with Microsoft's unit Microsoft Payments (M) Sdn Bhd for the land sale, according to the property developer's bourse filing on Monday.
The Johor-based property developer recorded a net profit of RM103 million for the quarter ended Oct 31, 2024 (3QFY2025), compared to RM18 million a year earlier, according to a bourse filing on Friday.
These plots form part of the Nusa Cemerlang Industrial Park, a light and medium industrial development undertaken by Crescendo, covering a total area of 800,413.
The land provides access to the Second Link to Singapore, Port of Tanjung Pelepas, North-South Expressway, as well as the Senai International Airport, making it ideal for development of industrial properties, Crescendo said.
Crescendo declared an interim dividend of one sen per share, along with a special dividend of five sen per share, totalling six sen per share, to be paid on Nov 13.
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