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CATALIST-LISTED property developer Capital World is acquiring a joint development right to develop a township in Johor for RM63 million (S$20.6 million).
Under the joint development right, Capital World will develop five plots of 99-year leasehold lands (expiring on Jan 18, 2114) with a total area of about 207.5 acres (about 84 hectares), that are owned by Yayasan Pelajaran Johor, an education foundation established by the Johor State Government.
Post acquisition, the group will assume the joint development right to develop a township at Pantai Timur, District of Kota Tinggi, State of Johor. The township is located along Jalan Kg Punggal - Desaru and is about 22 kilometres from the north-east of the Pengerang Integrated Petroleum Complex (PIPC) at Pengerang.
Capital World said that the PIPC is one of the major oil and gas hubs in South-east Asia, which is expected to generate thousands of job opportunities by 2020, hence driving the demand for property in Pengerang.
Capital World said that the acquisition is timely to capture Pengerang's rising housing demand, will complement the group's portfolio of mixed developments, and transform the group into a multidisciplinary profile developer.
The acquisition, announced on Thursday, is made through Capital World's unit, Baiduri Megaria. The latter will acquire Kekal Efektif, an investment and property development company that holds the joint development right.