Pavillon Holdings unit to buy Johor Bahru properties for RM52m

SINGAPORE-LISTED Pavillon Holdings on Monday said its subsidiary Fengchi Real Estate Sdn Bhd had on Sept 16 entered into a conditional sale and purchase agreement for the acquisition of units in a commercial complex and adjoining vacant lands in Johor Bahru, Malaysia, for RM52 million (S$16.7 million).

The properties comprise 107 lots in a high rise commercial complex and adjoining vacant lands, known as "City Plaza, Johor Bahru", located in the township of Johor Bahru, Malaysia.

The proposed deal was entered into with Hock Der Holdings Sdn Bhd and Ascent Asia Sdn Bhd.

Pavillon said 70 million new shares would be issued as part payment of the purchase price of the properties.