KSL via its subsidiary KSL Development has entered into a sale and purchase agreement Tropicana for 13 parcels of land measuring approximately 84.087 acres in the area forming part of the Master Lands located in Johor Bahru.
The total consideration is estimated to be around RM109.8 million. Based on the Bursa filing, the party has received the Majlis Bandaraya Iskandar Puteri approval to develop the Master Lands.
KSL views the acquisition as a way of enlarging its current land bank and enhancing future revenue and earnings. The said Lands with approximately 84.087 acres will be used for landed property development and further enhance its presence in the property market in Johor.
The Group’s core business is in the property sector. As such, the Proposed Acquisitions will not materially change the risks of the Company’s business as the Group would still be exposed to the same business, operational, financial, and
investment risks inherent in the property sector.