JOHOR BAHRU (Sept 10): AME Elite Consortium Bhd (KL:AME) has entered into four agreements to purchase 176.5 acres in Mukim Jeram Batu, Pontian, within the Johor-Singapore Special Economic Zone (JS-SEZ), for RM199.8 million. The land will be developed into an industrial area.
In a filing with Bursa Malaysia, the company said no detailed development plans have been submitted, so it is too early to determine the project’s timeline, gross development value, development costs, expected profits or funding sources.
The purchase will be made in cash and funded entirely through internally generated funds, AME Elite said in a statement. The sale and purchase agreement was entered into through AME Elite’s wholly-owned subsidiaries, Pulai Land West Sdn Bhd and Pulai Land East Sdn Bhd.
AME Group’s short-term funds, cash and cash equivalents stood at approximately RM779.3 million, based on its latest interim financial report for the financial year ended June 30, 2026.
The company said the purchase price represents a slight discount to the RM200 million market value ascribed by Knight Frank Malaysia Sdn Bhd.
The proposed acquisition will allow AME Group to expand its land bank in a strategic location. The group expects the future development of the land to support earnings growth in the medium term, provided the development is properly planned.
The lands are situated about 9km from the Malaysia-Singapore Second Link Expressway and 26km from the Tuas Checkpoint in Singapore, positioning the industrial park and manufacturing plant developer to capitalise on rising demand from foreign investors and manufacturers in the area.
“The acquisition will strengthen our industrial development footprint and enable us to capitalise on the growth of foreign and domestic direct investments flowing into Johor,” said Dylan Tan Teck Eng, executive director and group CEO of AME Elite.
The deal is expected to be completed by the first half of 2027.
The acquisition follows a separate deal signed in March 2026 involving 31.8 acres of land in Senai for a total cash consideration of RM101.2 million. That deal is also expected to be completed by the first half of 2027.
The two land banking exercises will together add more than 200 acres to the group’s remaining 295.3-acre land bank.
AME Elite’s shares rose 0.8% to close at RM1.32 on Thursday, giving the company a market capitalisation of RM845.7 million.