The Malaysian Reserve - Tropicana buys stake in property firm for RM49m
TROPICANA Corp Bhd has announced a proposed acquisition of 50.1% of the total paid-up capital of Peluang Duta Sdn Bhd (PDSB) for a purchase consideration of RM49.05 million.
The land has been earmarked for a mixed development with a potential net gross development value of RM4.3 billion.
The company said the overall proposed development component mainly comprises 70% residential and 30% commercial, which includes terrace houses, shop offices, urban affordable homes, serviced apartments, as well as an international school. The international school will be strategically located alongside the scenic Sungai Pulai Forest Reserve, presenting its students with a pristine and clean environment to learn, grow and innovate.
Taking into account several factors including the positive property outlook in Johor with the increased transaction volume by 11.6% in the first quarter of 2018 compared to the preceding quarter in 2017, as well as the residential sector remaining dominant in the overall property market, the company is optimistic that the properties located at prime locations are still well-sought.