KUALA LUMPUR (Oct 7): Kerjaya Prospek Property Bhd is buying a piece of vacant freehold land measuring 50,482 sq ft or 0.469 hectare in Kuala Lumpur for RM10 million in cash.

In a filing with Bursa Malaysia, Kerjaya Prospek Property said the land will complement its existing Bloomsvale mixed development in Old Klang Road.

Kerjaya Prospek Property said the acquisition, undertaken by its wholly-owned subsidiary Kerjaya Property Sdn Bhd, will be funded via internal funds or bank borrowings.

The vendor is Rozlen @ Hamizan Mohd Tahir.

The group said the acquisition will enable it to focus on its core business of property development and to expand and strengthen its landbank.

The exact use of the land has not been determined at this juncture, it added.

Barring any unforeseen circumstances, the acquisition is expected to be completed in December, the group said.

Kerjaya Prospek Property's share price closed unchanged at 70 sen, valuing the group at RM140.1 million. Some 50,000 shares were traded.