KSL Holdings Bhd intends to construct homes in Johor through its wholly-owned entity KSL Development Sdn Bhd (KLSD) on land it is purchasing from a Tropicana Corp Bhd subsidiary.

According to a filing made with Bursa Malaysia yesterday, KLSD has proposed buying 34.028 hectares of land in Pulai, Johor Bahru, from Tropicana Desa Mentari Sdn Bhd for RM109.884 million.

KSL said a sale and purchase agreement for the proposed acquisition has been signed by both parties, and the purchase consideration was determined after taking into account the proposed acquisition’s market worth of RM120.87 million as determined by a registered valuer.

The developer said that KLSD will build landed properties on the land, thus boosting its footprint in the Johor residential real estate market.

KSL said the proposed acquisition is anticipated to be completed in the second quarter of 2023, barring any unforeseen circumstances, and it will increase the company’s present land bank and boost future revenue and earnings.

Source: 9 August 2022.