Crescendo to buy SGR Land, assume Johor land purchase agreements in RM169m deal

• The land provides access to the Second Link to Singapore, Port of Tanjung Pelepas, North-South Expressway, as well as the Senai International Airport, making it ideal for development of industrial properties, Crescendo said.

KUALA LUMPUR (Oct 16): Crescendo Corporation Bhd (KL:CRESNDO) said on Wednesday that it is buying SGR Land Development Sdn Bhd and taking on its six land purchase obligations in Johor for RM168.85 million.

The company will be paying RM10.79 million for 100% stake in SGR Land to sole owners Ong Soon Liong (Ong Soon Chong) and Lok Kok Lee, Crescendo said in an exchange filing. Apart from the balance purchase price of RM158.06 million, it will not assume any liabilities from the acquisition.

The land provides access to the Second Link to Singapore, Port of Tanjung Pelepas, North-South Expressway, as well as the Senai International Airport, making it ideal for development of industrial properties, Crescendo said.

“Demand for industrial land is expected to enjoy a steady growth, with anticipated investment and tax incentives for companies located within the Johor-Singapore Special Economic Zone,” the company said.

SGR Land had signed six sale-and-purchase agreements for the land sprawling 135.03 acres (54.64 hectares), with medium industrial and commercial titles, and the transacting prices ranged from RM26.50 to RM40 psf.

The six agreements are expected to be completed by the second quarter of 2025, Crescendo said, adding that the transactions will be paid with its cash reserves.

Crescendo held a net cash position of RM238.42 million at the end of July.

Shares of Crescendo were unchanged at RM1.53 at 2.45pm on Wednesday, giving the company a market capitalisation of RM1.28 billion.

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