PETALING JAYA: BCB Bhd is acquiring 59 parcels of freehold land in Batu Pahat, Johor from Lian Hup Seng Sdn Bhd for RM83.71mil.
In a filing with Bursa Malaysia, BCB said the lands will also include four single storey semi-detached buildings, one single storey building used for storing fertilisers, a single storey building used for storing chemicals and tools and a single storey dilapidated building.
BCB said the acquisition will add approximately 286 acres to its existing land bank.
“This strategic move will substantially increase the land bank of BCB Group and provide sustainable earnings over the medium to long term, given the favourable outlook of the property market in Johor.
“The proposed development on this new land will consist of a mixed-use project featuring both residential units and retail shops. It is forecasted that this development will yield an estimated gross development value (GDV) of approximately RM1.1bil upon full completion.”