KSL buying Pulai land from Tropicana Corp for RM211 mil

• KSL is acquiring the parcels of land from three units of Tropicana Corp Bhd, with plans to develop 628 units of residential properties beginning 2028.

KUALA LUMPUR (April 30): Johor property player KSL Holdings Bhd proposed to acquire 22 land parcels in Pulai measuring a total of 183.33 acres for RM211.58 million.

KSL is acquiring the parcels of land from three units of Tropicana Corp Bhd, with plans to develop 628 units of residential properties beginning 2028.

It plans to pay the consideration via internal funds and borrowings, it said.

The parcels of land are located along Jalan Gelang Patah, with the Malaysia-Singapore Second Link transversing through the land, KSL said.

They are located around 25km due south east of CIQ Sultan Iskandar, and 17km south of CIQ Sultan Abu Bakar Tanjung Kupang, it added.

“The said lands will be used for residential development projects and further enhance its presence in the property market in Johor,” KSL said.

“Once the proposed acquisition is completed, the land bank of KSL Group will be approximately 2,600 acres located in Segamat, Batu Pahat, Muar, Mersing, Johor Bahru, Klang and Selangor.

“Out of the total land bank, approximately 50% of the land bank are in the various stages of approval and approximately another 25% are under various stages of development,” it added.

KSL shares settled one sen or 0.58% lower at RM1.72, valuing the group at RM1.78 billion. The counter is up 54.95% this year.

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