Land 33 to acquire George Town property for RM32.3 million
The 1.05-acre site on Cantonment Road includes a two-storey bungalow and is currently rented to preschool operator Tadika Sains Kreatif.
Land 33 Bhd is buying a property in George Town, Penang, for a cash consideration of RM32.3 million, with plans to develop it in future. The developer said in a bourse filing that it expects the acquisition to be completed within six months.
The sale and purchase agreement was signed on Oct 13 by Pacific Horizon Sdn Bhd, a wholly owned subsidiary of Land 33. The counterparties are Julian Lim Chung Yi and the administrators of Lim Chung Ching’s estate, Pamela Ong Siew Im and Christy Toh Siew Teng.
The Cantonment Road property comprises 1.05 acres and a two-storey bungalow. Preschool operator Tadika Sains Kreatif currently rents the premises, according to the company.
Land 33, previously named ACME Holdings Bhd, said the property would form part of its land bank. It said the purchase would broaden its development portfolio and would be financed using both bank borrowings and funds generated internally.
Land 33 shares closed at 11 sen without a change, giving the company a market value of RM40.43 million.
