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Monday, June 11, 2012

Daiman buys Johor land for RM64.5m

Daiman Development Bhd has proposed to acquire two pieces of freehold land in Tebrau, Johor, from Johor Land Bhd for RM64.463 million.

In a filing to Bursa Malaysia today, Daiman said its wholly-owned unit, Daman Impian Sdn Bhd, has entered into a sales & purchase agreement to acquire the land, namely, Parcel A and Parcel B, measuring 34.68 hectares (ha) and 37.83ha, respectively.

Daiman said the acquisition would enable the company to further expand its landbank in key growth markets and to continue with its property development activities in the region.

"Premised on the continued growth and development in the property sector in Johor Baharu, the acquisition will enable the group to contribute more dwellings
and home on the back of an increase in demand for housing and generate stable cash flow for the company.

"Barring any unforeseen circumstances, the properties are expected to be completed in the medium term between five and 10 years," Daiman said.

It added the acquisition is not expected to have any material effect on its earnings for the financial year ending June 30, 2012, however, it is expected to
contribute positively to the future earnings of the group.

By Bernama

1 comment:

Cay Real said...

An investment would always have its positive outcome and disadvantages. If you are determined enough for sure you will be able to get over it somehow.