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Wednesday, March 19, 2008

AP Land makes foray into Japanese real estate

PETALING JAYA: Asia Pacific Land Bhd (AP Land) is making its foray into the Japanese real estate by acquiring a piece of land in Hokkaido, measuring 3,082 sq m, for RM18.9mil to build apartments.

Based on the price, the freehold land is estimated to cost RM6,132 per sq m, it told Bursa Malaysia yesterday.

The acquisition from Caymans Island-registered Tancho Investments will enable it to broaden its income into the property development sector in Japan.

“The venture is expected to enhance not only the group’s future earnings but also its profile as a regional players in property development,” it said.

AP Land had proposed to use part of the disposal proceeds of RM680mil from the disposal of City Square Centre as well as from borowings to finance the deal.

By The Star

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