KUALA LUMPUR (Oct 16): Brem Holdings Bhd is buying six parcels of leasehold industrial land in Serendah, Selangor for RM68.26 million to replenish its land bank.
The vacant plots measure 528,439 square metres in total and are located near the Sungai Buaya interchange and toll plaza on the North-South Expressway, Brem said in a filing.
The purchase price translates to RM129.17 per square metre.
The property and construction group is acquiring the six plots from an investment holding company, Padang Dinamik Sdn Bhd. They have a remaining lease term of 75 years until 2095.
Brem said the acquisition will be financed through internally-generated funds or bank borrowing, and is expected to be completed by end-2021.
Brem’s share price closed down one sen or 1.19% at 83 sen today, bringing a market capitalisation of RM273.05 million.