Kimlun Corp’s latest land buy seen as positive

On Tuesday, Kimlun told Bursa Malaysia that its indirectly owned subsidiary Kii Melodia was buying the land from Seri Alam Properties (the Bandar Seri Alam township developer)

PETALING JAYA: Engineering and construction firm Kimlun Corp Bhd’s recent deal to buy two plots of freehold commercial land near Johor Baru for RM40.5mil cash is seen as positive, says RHB Research.

The two plots are sized 11.12 acres in total (translating to RM83.61 per sq ft) and located within the Bandar Seri Alam township, which is situated 20km from the city centre of Johor Baru.