KUALA LUMPUR: Mercury Industries Bhd
(MIB) has proposed to acquire 22 pieces of freehold land in Tanjong Kling, Melaka, for RM11.5mil cash.
In a filing with Bursa Malaysia, the construction group said its wholly-owned subsidiary Plutovest Sdn Bhd (PVSB) signed a conditional sale and purchase agreement with Tambun Leaders Sdn Bhd for the land, which spans a total of 9.31 acres and is located adjacent to the company’s existing Klebang Cove Residensi Phase 1 development.
MIB said the parcels, collectively known as the Klebang Cove Phase 2 Lands and located adjacent to Klebang Cove Phase 1, have been identified as a strategic and complementary extension to its current development.
“PVSB intends to develop the lands into a mixed residential development comprising apartment units and shop offices, with a preliminary estimated gross development value (GDV) of approximately RM300mil,” MIB said, adding that the development planning is still at an early stage.
It said the purchase consideration will be funded through internally generated funds and/or bank borrowings.
“The proposed acquisition will enable MIB Group to expand its Melaka landbank, particularly within the Klebang area,” the company said, adding that the move is in line with its strategy to replenish development land, enhance earnings visibility and support long-term growth in the property sector.
