KSL units to buy land in Johor for RM177mil

PETALING JAYA: KSL Holdings Bhd’s wholly owned subsidiaries – Gantang Jaya Sdn Bhd and Bintang-Bintang Development Sdn Bhd – have entered into a conditional sale and purchase agreement with Pulai Springs Resort Bhd for the proposed acquisition of nine parcels of freehold land in Johor Baru measuring 185 acres for RM176.94mil to be fully satisfied by cash.

Gantang Jaya is purchasing three parcels of land, while Bintang-Bintang Development is purchasing six parcels of land.

All the parcels are sited within the Pulai Springs Resort, which is about 22km to the north-west of the Johor Baru City Centre.

The three parcels of land purchased by Gantang Jaya amount to RM4.45mil, while the six parcels of land purchased by BintangBintang Development total RM172.48mil.

The funding for the purchase consideration will be financed via a combination of internally-generated funds and bank borrowings, the quantum of which is to be determined later.

On KSL’s rationale for the proposed acquisition, the developer said that it is to enlarge the current land bank of the group to enhance future revenue and earnings.

“The said land of 747,184.12 sq m will be used for landed property development and will further enhance its presence in the property market in Johor,” said KSL in a filing with Bursa Malaysia.