FAJARBARU BUYING LAND IN AUSTRALIA FOR RM84M
PETALING JAYA: FajarBaru Builder Group Bhd’s 44.44%-owned associate 320 Queen Street Project Pty Ltd (320-Q) is acquiring a piece of land measuring 676 sq m in Australia for A$25.6 million (RM84.13 million). In a filing with the stock exchange, the construction and property firm said the acquisition is in line with its objective to acquire and add potential landbank into its property development division. “The properties development to be undertaken on the said land is expected to provide FajarBaru with a new source of income,” it noted. A planning permit has been issued for the construction of a 48-level residential tower on the land from Oct 29, 2017 to Oct 29, 2020.