KUALA LUMPUR: Kimlun Corp Bhd plans to undertake a residential property
project in Kota Tinggi, Johor following the purchase of 29 parcels for
RM28.30mil cash.
It had on Wednesday it had inked a sale agreement with two individuals to en
bloc purchase 29 parcels of contiguous freehold land measuring about 140.8
acres.
The next stage for Kimlun is to convert the agricultural land to residential
status a year after it completed the acquisition.
Kimlun said the development application would be submitted to the relevant
authorities for approval after getting the go-ahead from the state authority
which includes the conversion application and finalisation of the development
planning.
“The source of funds to finance the development is likely to be from
internally generated funds and bank borrowings,” it said.
The site is about two km from the Kota Tinggi town centre and this would enable Kimlun to increase the size of its land bank in strategic location to enhance its future revenue and earnings.
The land acquisition will be satisfied via a mix of bank borrowings and internally generated funds.
Assuming 60% is financed via commercial loans, it said the gearing ratio of the group was expected to increase by 0.04 times to 0.44 times.
The site is about two km from the Kota Tinggi town centre and this would enable Kimlun to increase the size of its land bank in strategic location to enhance its future revenue and earnings.
The land acquisition will be satisfied via a mix of bank borrowings and internally generated funds.
Assuming 60% is financed via commercial loans, it said the gearing ratio of the group was expected to increase by 0.04 times to 0.44 times.
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