PETALING JAYA: Lagenda Properties Bhd
, via its 70%-owned indirect subsidiary Lagenda Mersing Sdn Bhd, has purchased a piece of land worth RM398.2mil in Kulai, Johor.
In a filing with Bursa Malaysia yesterday, the company said it acquired the 1,075.48-acre land from the wholly-owned subsidiary of Permodalan Nasional Bhd, Seriemas Development Sdn Bhd.
The company said it intends to use its newly acquired asset to develop a large-scale affordable township that encompasses 12,000 residential units and a mix of commercial development.
The project has an estimated gross development value of RM4bil.
The purchase of the land will be financed by Lagenda Properties through internally generated funds and borrowings.
Upon completion, the group’s landbank will increase by 30% to over 4,801 acres from its present 3,726 acres.
