Two land plots in Johor are being purchased for RM72 million by Crescendo Landmark Sdn Bhd, a wholly owned subsidiary of Crescendo Corp Bhd (CCB).
The property developer stated in a filing with Bursa Malaysia that it has entered into a conditional sale and purchase agreement with Bewell Realty Sdn Bhd for the acquisition of the land parcels, which have a combined gross area of roughly 1.32 hectares.
The plots, according to CCB, are close to the Bukit Chagar RTS (Johor Bahru-Singapore Rapid Transit System) terminal.
“The seamless Johor Bahru and Singapore connection will help boost economic activities, attract more investors and create more job opportunities.
“The two plots of land along the RTS link are expected to benefit from such integrated developments as the population in Johor Bahru will gradually increase over the medium term with the increased business activities,” it said.
According to CCB, the acquisition will also increase the group’s landbank for property development and contribute positively to long-term growth in terms of cash flows and profitability.