KUALA LUMPUR (Dec 6): Kerjaya Prospek Property Bhd (KPPROP) — via its wholly-owned subsidiary Pixel Valley Sdn Bhd — has acquired 1.97 hectares of freehold land in Seberang Perai Selatan, Penang from Aspen Vision City Sdn Bhd for RM27.57 million.
In a Bursa Malaysia filing on Monday (Dec 6), the group said the proposed acquisition will be funded by cash via internally generated funds and/or bank borrowings.
“The proposed acquisition will enable KPPROP to focus on its core business of property development and to expand and strengthen its landbank size,” it said, adding that it plans to build a mixed-use development that features serviced apartments and some commercial or retail lots.
“The development is envisaged to be a long-term investment and development, and its completion date cannot be determined at this juncture,” said the company.
Shares in KPPROP finished two sen or 2.94% lower at 66 sen, valuing the property developer at RM264 million.