KUALA LUMPUR: OSK Property has entered into a sale and purchase agreement to acquire about 330.53 acres at a purchase consideration of RM72 million.

The property developer said in a statement that this marks a significant step in its expansion strategy in the northern region of Malaysia.

The new land acquisition enhances the company’s land bank to support future property developments, it said.

Located north of Sungai Petani, the proposed land is strategically positioned within Kedah’s residential zoning area and the rapidly growing industrial parks in Kulim and Gurun.

OSK Property said that this initiative underscores its commitment to catering to the growing demand for affordable and quality housing.

“This acquisition represents another milestone in our property development journey in the northern corridor. It reflects our confidence in the growth potential of the northern region and our commitment to nation-building,” said deputy group managing director Ong Ju Xing.

The proposed acquisition follows an earlier transaction this year to acquire 356 acres of land within the same vicinity, raising the total gross development value in the area to RM2 billion.

This acquisition aligns with OSK Property’s long-term strategy to capitalise on Malaysia’s economic recovery and increasing demand for well-located properties.

By expanding its land portfolio in Kedah, the company aims to strengthen its presence in northern Malaysia along with its 2,600-acre township, Bandar Puteri Jaya, in Sungai Petani, it said.

Source: New Straits Times, December 6, 2024