KUALA LUMPUR (Dec 4): Property group Mulpha International Bhd (KL:MULPHA), which has been focusing its activities in Australia in recent years, has proposed to buy a 6.46-hectare land  in New South Wales state for A$68.09 million (RM196.78 million).

The group intends to develop the property into 63 residential land lots with a projected gross development value of A$150 million. The total development cost is estimated at about A$100 million, according to Mulpha's bourse filing on Wednesday.

The group said the property, known as Marymount Mercy Centre, is located within the prime residential area of Castle Hill, and is near the Castle Towers Shopping Centre, Castle Hill and Cherrybrook metro stations and local village shops and schools.

“Works on the site are expected to commence in September 2025 and complete in mid-2026, with settlement of the residential lots thereafter into 2027. The development cost will be funded through bank borrowing,” it added.

Mulpha said its Australian unit, Mulpha Marymount Pty Ltd, is buying the property from the Trustee of the Sisters of Mercy (Parramatta). The acquisition is expected to be completed in the third quarter of 2025.

As of end-Sept, Mulpha has total borrowings of RM2.19 billion and cash and deposits of RM334.97 million, giving it a net debt position of RM1.86 billion. Its net gearing ratio stood at 54.9%.

Shares of Mulpha closed down one sen or 0.4% to RM2.49 on Wednesday, giving the group a market capitalisation of RM774.83 million. Year-to-date, the stock has risen 5.95%.