PETALING JAYA: Gadang Holdings Bhd
is proposing to acquire a parcel of freehold land measuring 11.179 acres in Johor Baru, Johor, from Tanahmas Kapital Sdn Bhd for RM75.48mil.
In a filing with Bursa Malaysia, the construction firm said the proposed acquisition is in line with Gadang’s objective to replenish and expand its land bank for future development, particularly in Johor.
“In undertaking the proposed acquisition, Gadang has considered the development potential of the said Land, taking into account its freehold tenure, strategic location within Johor Baru and the established surrounding residential and commercial developments.”
Gadang said the proposed development is expected to be undertaken over an estimated period of seven years, subject to the necessary approvals and prevailing market conditions.
“The phased development approach is expected to allow Gadang Group to manage its capital deployment efficiently and respond to market demand accordingly.”
Gadang noted that Johor continues to demonstrate growth potential, supported by its proximity to Singapore, ongoing infrastructure initiatives and industrial expansion within the state.
