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Monday, May 18, 2009

Loh & Loh buys land for RM27 million

KUALA LUMPUR: Loh & Loh Corporation Bhd's unit Green Heights Developments Sdn Bhd (GHD) is acquiring a 8.66-acre freehold land from Bina Goodyear Bhd's wholly-owned Greater Heights Development Sdn Bhd for RM27 million cash.

In an announcement to Bursa Malaysia today, Loh & Loh said the proposed acquisition was in line with the strategy to diversify its business into property development via GHD and to reduce its exposure to the construction industry.

Loh & Loh said it was considering developing high-end properties as the area, which is situated in Sri Damansara, Selangor, had a mature market that was ready to upgrade into larger housing units such as semi-detached and bungalow homes.

The company said it would finance the purchase via internal funds or bank borrowings. "The breakdown of the source of funding has yet to be ascertained," it said.

By The EDGE Malaysia

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