KSL buys another nine parcels of land in Johor for RM177m

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KUALA LUMPUR (March 20): KSL Holdings Bhd announced today the acquisition of nine parcels of freehold land measuring 74.72 hectares in Johor Bahru for RM176.94 million.

This comes just eight days after the property group proposed the purchase of two parcels of leasehold land measuring 47.74 hectares in the district for RM133.59 million.

In a filing to Bursa Malaysia, the Johor-based group said its wholly-owned subsidiaries Gantang Jaya Sdn Bhd (GJSB) and Bintang-Bintang Development Sdn Bhd (BDSB) today signed agreements with Pulai Springs Resort Bhd for the acquisition of the nine parcels of land.

GJSB is buying three parcels for RM4.45 million while BDSB is acquiring the other six parcels for RM172.48 million.

As in the case of the earlier acquisition on March 12, KSL said the latest acquisition will enlarge the group's land bank to enhance future revenue and earnings.

The group also plans to use the land for landed property development and further enhance its presence in the property market in Johor.

KSL shares closed unchanged today at RM1, for a market capitalisation of RM1.02 billion.