Crescendo acquires parcels of land in Johor for RM72mil

KUALA LUMPUR: Crescendo Corp Bhd’s (CCB) wholly owned subsidiary, Crescendo Landmark Sdn Bhd, is acquiring two plots of land in Johor for RM72 million.

In a filing with Bursa Malaysia today, the property developer said it has entered into a conditional sale and purchase agreement with Bewell Realty Sdn Bhd for the acquisition of the parcels of land which have a total gross area of approximately 1.32 hectares.

CCB said the plots are located near the Johor Bahru-Singapore Rapid Transit System (RTS) terminal in Bukit Chagar.

"The seamless Johor Bahru and Singapore connection will help boost economic activities, attract more investors and create more job opportunities.

"The two plots of land along the RTS link are expected to benefit from such integrated developments as the population in Johor Bahru will gradually increase over the medium term with the increased business activities,” it said.

The acquisition will also increase the landbank of the group for property development and will contribute positively towards long-term growth in terms of cash flows and profitability, said CCB. - Bernama