PETALING JAYA: Crescendo Corp Bhd
, via its wholly-owned subsidiary Crescendo Development Sdn Bhd (CDSB) is disposing of a piece of freehold land in Johor Baru to Wilgain Resources Sdn Bhd for RM4.02mil.
In a filing with Bursa Malaysia, the Johor-based property developer said the related party transaction involves the disposal of a piece of land measuring approximately 2,903 sq ft, together with a four-storey shop office having a built-up area of approximately 11,027 sq ft to be erected thereon.
“CDSB is the developer of Desa Cemerlang (in Johor Baru, Johor), an ongoing mixed development project, as well as the registered and beneficial owner of the property.
“This property forms an integral part of a new phase in Desa Cemerlang which was launched in August 2024, comprising 45 units of three-storey shop office and 12 units of four-storey shop office.
Crescendo said the rationale for the disposal is to generate cash flow for the group and to increase the occupancy of the shop offices in this newly launched phase.
