PETALING JAYA: Property developer Y&G Corp Bhd is planning to buy two parcels of freehold land with a size of 23.39 ha in Pontian, Johor, for RM30.96mil.
The company has proposed to develop the land into a mixed project comprising both commercial and residential properties.
Y&G said in a filing with Bursa Malaysia that it haf entered into two separate sales and purchase agreements with the sellers for the acquisitions.
However, it could not provide any further details on the proposal including the estimated gross development value of the project as the proposal is still at a preliminary stage.
“It is still subject to the planning, conversion of land use and the development approvals from the relevant authorities upon the completion of the proposed land acquisition,” Y&G said.
The proposed land acquisition would be funded through internally generated funds arising from the company’s recent private placement with warrants and rights issue with warrants.
“The proposed acquisition is not expected to have any material impact on Y&G’s earnings for the current financial year ending Dec 31, 2015,” it said.