Olive Tree Estates extends key deadline for Johor land acquisition to June 30

REAL estate company Olive Tree Estates has extended the deadline to fulfil conditions for a proposed land acquisition in Malaysia by five months, to June 30, according to an after-market announcement on Wednesday.

In October 2017, Olive Tree - which was formerly called Changjiang Fertilizer Holdings - said that subsidiary Tree Top Realty had agreed to buy a parcel of vacant free land in Johor Bahru from Regal Sapphire Sdn Bhd for RM12 million (S$4 million). The plan is to develop the site into what Olive Tree called the Kempas Industrial Project, a collection of 14 2.5-storey detached light industrial and/or showroom uits.

The deal was conditional upon a number of conditions by Jan 31. Those conditions included completion of regulatory documentation, regulatory approval for the transfer, confirmation of completion and shareholder approval.

As the companies are still in the process of meeting the terms set out in the Kempas agreement, the date has been extended to June 30 this year, Olive Tree said.