KUALA LUMPUR, April 30 — KSL Holdings Bhd announced that its wholly-owned subsidiary — KSL Medini Development Sdn Bhd (KSLMD) — has entered into a sale and purchase agreement with Tropicana Firstwide Sdn Bhd, Tropicana Rhythm Crest Sdn Bhd and Tropicana Desa Mentari Sdn Bhd to buy parcels of freehold land measuring 183.33 acres (74.19 hectares) in Pulai, Johor Baru for RM211.58 million.
The parcels of land are located in Pulai, Johor Baru, and within a locality along Jalan Gelang Patah with the Malaysia-Singapore Second Link traversing through the land.
According to KSL, the proposed acquisition enlarges the current land bank of the group to enhance future revenue and earnings — the said land will be used for a residential development project and further enhance its presence in the property market in Johor.
“Once the proposed acquisition is completed, the land bank of KSL Group will be approximately 2,600 acres (1,052.18 hectares) located in Segamat, Batu Pahat, Muar, Mersing, Johor Baru, Klang and Selangor.
“Out of the total land bank, approximately 50 per cent of the land bank are in the various stages of approval and approximately another 25 per cent are under various stages of development,” it said in a stock exchange filing.
The project is expected to entail approximately 628 units of residential properties. The development project is expected to commence in 2028 and is envisaged to spread over a period of eight to 10 years.
“Given the distant timeframe of the expected development, the company is unable to accurately estimate the total gross development value of the projects at this stage,” it said.
KSLMD is a wholly-owned subsidiary of KSL, incorporated on December 18, 2013 in Malaysia as a private limited company with a share capital of RM49 million, comprising 49 million ordinary shares of RM1.00 each. Its principal activity is property development.
On the project’s prospects, KSL said the land is well connected with main roads and transportation as the area is within an established township, hence, the development prospects for the said land appear to be good. — Bernama
