AME Elite unit to acquire freehold land in Kulai for RM106.17mil

KUALA LUMPUR: AME Elite Consortium Bhd via its wholly-owned subsidiary Golden Symphony Sdn Bhd has proposed to acquire three parcels of freehold land in Taman Teknologi Johor in Kulai, Johor, for a total RM106.17mil cash.

The group said its subsidiary had entered into a sales and purchase agreement with oil palm planter Dahlia Utama Sdn Bhd for the land, which will be developed into an industrial cluster.

Based on a combined land area of 37.5 acres, the purchase consideration of the property is equivalent to RM65 per sq ft, which will be funded through a combination of external borrowings and internal funds.

AME Elite anticipates completing the acquisition in the third quarter of calendar year 2024.

It said the project is expected to contribute positively to earnings in the medium term.

“We continue to drive sustainable growth, especially in the expanding Iskandar Malaysia region, through strategic land acquisitions and collaborations.

"This latest acquisition enables us to leverage the increasing demand for high-quality industrial facilities, driven by Johor’s thriving economic landscape, strategic location, and supportive government policies," said executive director and group CEO Dylan Tan Teck Eng in a statement.

Upon completion of the acquisition, AME Elite said its balance landbank will increase to 302.2 acres, including a 176-acre development land in Penang, and excluding recently sold properties pending transaction completion.

It added that the new land acquisition will provide the group with a development pipeline until 2030.