DRB-HICOM to buy land in Melaka


Barring any unforeseen circumstances, DRB-Hicom said the medium to long-term prospects of the land are favourable, given their strategic location

PETALING JAYA: DRB-Hicom Bhd is proposing to acquire 287.73 acres in Alor Gajah, Melaka for RM240mil.

In a filing with Bursa Malaysia yesterday, the company said Hicom Glen Sdn Bhd, a wholly owned subsidiary of Glenmarie Properties Sdn Bhd, which in turn is an indirect wholly owned subsidiary of DRB-Hicom, had entered into a conditional sale and purchase agreement with Ekslusif Pesona Sdn Bhd to acquire nine parcels of freehold land and one parcel of leasehold land.

Barring any unforeseen circumstances, DRB-Hicom said the medium to long-term prospects of the land are favourable, given their strategic location and the various continuous initiatives undertaken by the Melaka state government to promote and attract various investment projects into Melaka.

“Subject to the prevailing future property market conditions, the group intends to commence development of the land in 2022.”

It said the proposed acquisition is expected to be funded by external borrowings, representing 65% of the purchase consideration while the balance is to be funded via internal funds.

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