KUALA LUMPUR: Main-market listed PGF Capital Bhd
’s indirect joint venture company Nexel Development KHTP Sdn Bhd has entered into a sale and purchase agreement to acquire two parcels of freehold land in Kulim Hi-Tech Park, Kedah from Kulim Technology Park Corp Sdn Bhd for RM12.7mil.
Nexel Development is a wholly-owned subsidiary of Nexel Group Sdn Bhd, a joint venture company in which PGF Capital holds a 50.1% stake, alongside Penang-based property developer Malvest Group Sdn Bhd with a 10% stake, and three individuals affiliated with Malvest holding the remaining shares, Bernama reported.
PGF Capital said the acquisition will be for a mixed-use development with a gross development value of RM600mil on the land comprising condominium, hotel, serviced residence and several commercial elements.
