KUALA LUMPUR (Bernama) — Revenue Group Bhd’s indirect unit, Next Revenue Sdn Bhd, has entered into two conditional sale and purchase agreements with Starplus Corporation Sdn Bhd to acquire two pieces of land here for RM44 million.

Next Revenue is a wholly-owned subsidiary of Revenue Harvest Sdn Bhd and an indirect wholly-owned subsidiary of Revenue Group.

In a filing with Bursa Malaysia today, Revenue Group said the first acquisition comprised two plots of leasehold land together with buildings valued at RM24.50 million (Land One) while the second acquisition involved two plots of leasehold land together with buildings for RM19.50 million (Land Two).Both landbanks are located in Mukim Batu, Kuala Lumpur.

“The proposed acquisitions represent an opportunity for Revenue to acquire strategic properties, which will enable the group to expand, consolidate and house its subsidiaries’ administrative and operations and technical team under one roof to improve operational efficiency.

“Subject to the relevant authorities’ approval, the group intends to convert the Land One into a mixed project comprising offices and warehouses with a focus on providing the facilities and services pertaining to the e-commerce ecosystems, such as storage and warehouse facilities, logistics hub, offices, and operation hubs for small and medium enterprises (SMEs) and micro SMEs,” it said.

The group also intends to convert Land Two into similar concept and structure as part of the future expansion upon the expiry of the tenancy in Land Two.

“Upon completion of the development of Land One and/or Land Two, the group will cease the rental of other offices in the Klang Valley and relocate them to this new premises.

“The group intends to convert its existing headquarters into a Disaster Recovery Centre as part of its Business Continuity Plan which will serve as a back-up centre for its technology infrastructure and data centre,” it added.

Source from: The Star /16 Aug 2021

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