Logistics to acquire Johor land for development

LOCAL construction group Logistics Holdings is acquiring a plot of industrial land in Johor for RM38.8 million (S$15.3 million) for its maiden overseas property development venture.

In a bid to diversify its income stream within the property industry, the group entered into a sale and purchase agreement (SPA), through its indirect wholly owned subsidiary Le Premier Development, with the vendor, Budi Sejati, on Aug 28. The acquisition will take place within three months from the date of the SPA.

Due to local regulatory requirements, manpower shortages and increased foreign labour levies, business in Singapore has been tougher, said director Eric Ng.