KUALA LUMPUR: Harn Len Corp Bhd has proposed to acquire 3.8445 hectares of freehold land in Tebrau, Johor for RM4.5mil cash.
In a filing with Bursa Malaysia, the plantation group said it had entered into a sale and purchase agreement (SPA) with Sunitrend Sdn Bhd for the acquisition.
Harn Len said the parcel of agricultural land zoned for residential use with a titled area of 3.8445 hectares located in Tebrau, Johor. The land is cultivated with vegetables such the holding is well maintained.,
The company said the purchase consideration was arrived at after taking into consideration of market value determined by a professional valuer, PA International Property Consultants Sdn Bhd of RM4.96mil and approximately 9.4% discount from the vendor.
The proposed land acquisition will be funded by internally generated fund.
“The proposed land acquisition provides an opportunity for Harn Len to increase its existing land bank for investment and future property development activities,” Harn Len said.