KUALA LUMPUR (Nov 7): Expanding its portfolio of investment properties, Kanger International Bhd has acquired 15 units of the proposed serviced apartments in Tower A of Antara Genting Highlands Resort Suites for RM19.77 million.
In a filing with Bursa Malaysia on Tuesday, Kanger said its wholly owned subsidiary KIB Global Resources Sdn Bhd had entered into a sale and purchase agreement with Aset Kayamas Sdn Bhd, the developer of the resort.
“The purpose of this agreement is to continue the group’s properties investment and management business in property management,” it said.
Back in 2021, Kanger had already acquired 126 serviced apartments at Levels 30 to 45 in Tower A, Antara Genting Highlands Resort Suites for RM142.87 million.
Antara Genting Highlands Resort Suites is located on 5.33 acres of freehold land, about 850 meters away from SkyAvenue, a premier shopping mall at the hill resort, and nearby Awana Skyway Chin Swee Station, one of the cable car stations.
The project comprises four towers of 44- to 46-storey serviced apartments, with a total of 1,460 units.
Previously focused on manufacturing and trading of bamboo flooring, furniture, and bamboo-related products for residential and commercial markets, Kanger in 2015 obtained shareholders’ approval to diversify into property development, investment and management.
Kanger’s shares closed down 2.5 sen or 20.83% to 9.5 sen apiece on Tuesday, with a market capitalisation of RM59.17 million.