Sime Darby Property buys MVV land from sister company Sime Darby

KUALA LUMPUR (Bernama) -- Sime Darby Property Bhd's wholly-owned subsidiary, Sime Darby Property (MVV Central) Sdn Bhd, has entered into a sale and purchase agreement with Kumpulan Sime Darby Bhd (KSDB) to acquire freehold land measuring about 307.6 hectares for RM280 million.

In a filing to Bursa Malaysia, Sime Darby Property said the proposed land is located in Labu, Seremban, Negeri Sembilan within the regional development of Malaysia Vision Valley 2.0 and adjacent to Bandar Enstek.

"The land is directly connected to the Nilai-Labu-Enstek Road, which is scheduled to be completed in 2023.

"The purchase price was based on the joint valuation conducted by Sime Darby Property and KSDB in September 2021," it said.

KSDB is an indirect wholly-owned subsidiary of Sime Darby Bhd.

Sime Darby Property said the proposed acquisition is imperative for the group in securing strategic landbank for its development pipeline in Malaysia Vision Valley.

"Taking into consideration the current industrial project development surrounding the area and the anticipated completion of Nilai-Labu-Enstek road, the said land will be strategically positioned to be developed into a holistic industrial development scheme," it added.
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