Lagenda unit buys land for RM398mil

The company said it acquired the 1,075-acre land from Permodalan Nasional unit Seriemas Development.

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, the company said it acquired the 1,075-acre land from Seriemas Development Sdn Bhd, a wholly-owned subsidiary of Permodalan Nasional Bhd.

The company said it intends to use the newly acquired asset to develop a large-scale affordable township that encompasses 12,000 residential units and a mix of commercial development.