PETALING JAYA: Mulpha International Bhd
’s (MIB) unit, Mulpha Marymount Pty Ltd, is acquiring the Marymount Mercy Centre from the Trustees of the Sisters of Mercy in New South Wales, Australia, for RM196.78mil.
In a Bursa Malaysia filing, MIB said the acquisition will expand its development pipeline, which will deliver additional income streams.
“The proposed acquisition is expected to enhance the group’s property development business in view of its strategic location and the substantial redevelopment opportunity that it provides.”
MIB said the property is located within the prime residential area of Castle Hill, nearby to schools, Castle Towers Shopping Centre, Castle Hill and Cherrybrook metro stations.
It said Mulpha Marymount will develop the land into 63 residential land lots with a total development cost of A$100mil. The acquisition will be financed through existing and new bank borrowing facilities within the MIB Group.
