A 49.720-acre parcel of unused industrial freehold land in Kota Tinggi, Johor, is being sold by Crescendo Corp Bhd (CCB) to Digital Edge Data Centres (Malaysia) Sdn Bhd for RM346.53 million.
The property development and construction company stated in a filing with Bursa Malaysia that the land is not currently being used for the group’s commercial operations and, as a result, is not producing any cash flows.
Digital Edge Data Centres (Malaysia) Sdn Bhd, is a major Singapore-based operator backed by Stonepeak. Their arrival in this particular corridor demonstrates the increasing demand for “shovel-ready” property that can accommodate the enormous power and cooling needs of contemporary cloud computing and artificial intelligence installations.
By offloading non-core vacant land at peak valuation, CCB has transformed a stagnant asset into a massive liquid war chest, positioning itself to lead Johor’s next wave of industrial evolution as well as preserving the group’s cash reserves for alternative uses such as its existing ongoing projects.
