Ekovest is proposing for the acquisition of four parcels of lands measuring approximately 15.82 acres in aggregate, all located along the Johor Bahru–Singapore Rapid Transit System alignment and are intended for potential transit-oriental development for a total amount of RM310 million.
Following the decision the board has entered into binding term sheet with land owners to acquire two parcels of
freehold commercial land located at Bandar Johor Bahru, Daerah Johor Bahru, Negeri Johor, measuring approximately 269,182 square feet, together with a six -storey shopping complex known as “Danga City Mall” and an expo building erected on the land from Danga City Mall Sdn Bhd for an indicative purchase consideration of RM210.00 million. Seperately it hs also entered into a binding term sheet to acquire two parcels of leasehold commercial land measuring approximately 419,792 square feet from Khazanah Melati Sdn Bhd for an indicative purchase consideration of RM100.00 million.
The group said the indicative Total Purchase Consideration of RM310.00 million will be subject to valuation to be carried out on the TOD Lands as ascribed by a firm of independent qualified valuer(s) to be appointed by the Company (“Valuation”) and the completion of the due diligence.
The proposed TOD Lands Acquisition is aimed to strengthen the existing property development and investment businesses of Ekovest and its group of companies. It is also part of founder Tan Sri Dato Lim Kang Hoo’s proposed plan for the group to regain its prowesess in the property sector.
