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KUALA LUMPUR: Harn Len Corporation Bhd paid RM2 million for five shophouses in Johor from Nusantara Bakti, a related party, the Group announced on Bursa Malaysia on Friday, Aug 6.
The five units are located along Jalan Ngee Heng within the Central Business District of Johor Bahru City Centre.
“The rationale for the acquisition presents an opportunity to Harn Len to diversify further into property investment apart from its current principal businesses in palm oil operations,” the Group said.
The properties are currently rented out and Harn Len Corp will continue with the tenancy agreements until they expire, after which the company intends to carry refurbishment and renovation work on the shophouses to enhance the value of the properties.
The five units are located along Jalan Ngee Heng within the Central Business District of Johor Bahru City Centre.
“The rationale for the acquisition presents an opportunity to Harn Len to diversify further into property investment apart from its current principal businesses in palm oil operations,” the Group said.
The properties are currently rented out and Harn Len Corp will continue with the tenancy agreements until they expire, after which the company intends to carry refurbishment and renovation work on the shophouses to enhance the value of the properties.
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