KUALA LUMPUR: Malton Bhd
said its wholly-owned subsidiary Bukit Rimau Development Sdn Bhd has inks a conditional sale and purchase agreement with Tanjung Nakhoda (M) Sdn Bhd to acquire a 3.72 acre parcel of freehold land in Johor Bahru for RM97.23mil cash.
According to a stock exchange filed by Malton, the land is adjacent to the Johor Golf & Country Club and is located within the integrated commercial development known as W City Larkinton comprising shopping mall, service apartments, retail/commercial lots and convention centres.
Based on its preliminary assessment, the group said the land has a potential gross development value of about RM950mil. The market value of the land as appraised by the valuer is RM97.3mil.
Malton said the proposed acquisition provides an opportunity for the group to acquire a piece of prime land in Johor Bahru, which has seen an increase in development activities with several other property developers having already acquired lands and commenced development within the area.
Barring unforeseen circumstances and subject to the approvals of the relevant authorities being
obtained, the proposed acquisition is expected to be completed by the first quarter of 2027.
