PETALING JAYA: Magni-Tech Industries Bhd
is proposing to acquire a piece of freehold land in Bandar Tanjong Bungah, Penang from Neoh Choo Ee & Co Sdn Bhd for RM133.33mil.
In a filing with Bursa Malaysia, the apparel garments manufacturer said the properties have been identified as an attractive investment for the group, offering the potential to establish a land bank and to diversify into property development.
“The properties comprise prime freehold beachfront land with sweeping views of the sea, ideally suited for either development or long-term strategic investment.”
Located approximately 15 minutes from the city centre, Magni-Tech said the properties are surrounded by established hotels, resorts, and international schools, enhancing both their appeal and growth potential.
“The purchaser acknowledges that the document of title endorses the land area as 19,374 sq metres, and further endorses the Borang K acquisition part of the Land of approximately 4,101 sq ft. The “resurveyed land area” of the property, as indicated in the tender documents, is 19,080 sq metres,” it said.
