NuProp Team

PROPERTY NEWS: KSL subsidiary purchases RM110mil land from Tropicana in Pulai.

Key takeaway: Through its wholly owned subsidiary KSL Development Sdn Bhd (KLSD), KSL Holdings Bhd plans to build residences in Johor on property purchased from a Tropicana Corp Bhd subsidiary.

KLSD has proposed paying Tropicana Desa Mentari Sdn Bhd RM109.884 million for 34.028 acres of land in Pulai, Johor Bahru, according to a filing submitted with Bursa Malaysia yesterday.

According to KSL, a sale and purchase agreement has been signed by both parties for the planned acquisition, and the purchase price was established after a registered valuer evaluated the proposed acquisition's market value, worth RM120.87 million.

According to the group, KLSD would develop landed residences on the property, expanding its presence in the Johor residential real estate market.

According to KSL, the proposed acquisition will expand the business's current land bank, enhance future income, and raise future profitability. It is scheduled to be completed in the second quarter of 2023, barring any unforeseen circumstances.

©️ August 2022, 

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