KSL plans to acquire freehold land in Johor for RM109.88mil


KUALA LUMPUR: KSL Holdings Bhd’s wholly-owned subsidiary, KSL Development Sdn Bhd plans to purchase 34.028 hectares (84.087 acres) of freehold land in Pulai, Johor Bahru for RM109.88 million.

In a filing with Bursa Malaysia today, the group said it aims to develop the land into a mixed development project consisting of 2,000 units of residential and commercial properties.

"The development project is expected to commence in 2023 and is envisaged to spread over a period of eight to 10 years.

"Barring any unforeseen circumstances, the total gross development value of the project will range from RM800 million to RM850 million; whilst its gross development cost is expected to be around RM450 million,” it said.

Accordingly, an estimated gross development profit of between RM350 and RM400 million is expected to be derived for the group over the duration of the said development.

Meanwhile, it said assuming the entire purchase consideration is to be satisfied by way of bank borrowing, the gross gearing ratio (total borrowing over shareholders’ fund) of KSL Group as at March 31, 2022 will reach 6.19 per cent and the net gearing ratio (after netting off available cash in hand) will become -1.04 per cent.

To date, the group has 982.17 hectares (2,427 acres) of land bank in Segamat, Batu Pahat, Muar, Mersing, Johor Bahru, as well as Kuala Lumpur and Klang.

Out of the total land bank, 47 per cent of the land bank is in various stages of approval, and 24 per cent is under various stages of development. - Bernama

Article type: free
User access status:
Subscribe now to our Premium Plan for an ad-free and unlimited reading experience!
   

Next In Business News

PETRONAS Carigali reaches final investment decision for Kasawari CCS project
PETRONAS Dagangan records net profit of RM275.97mil in 3Q, declares 20c/share dividend
Sime Darby Property expects to close out 2022 with strong sales, more launches
Ringgit retreats against greenback on declining crude prices
Foreign investors on Bursa Malaysia record net outflow of RM81.9mil in week ended Nov 25
Bursa continues retreat ahead of new domestic developments, China Covid protests
Trading ideas: PETRONAS Chemicals, Axiata, Sunway, DNeX, Affin Bank, Sarawak Oil Palm, IOI, Uchi Technologies, Bintulu Port, IJM, Bintai Kinden, Chin Hin and TNB
Nation may end zero-Covid earlier than expected
SDP submits action plan ahead of schedule
The industrial future is taking shape, VCs are missing out

Others Also Read