KUALA LUMPUR (Oct 13): Land 33 Bhd (KL:LAND33) is acquiring a 1.05-acre parcel with a two-storey bungalow in Penang for RM32.3 million in cash for future property development.

The property developer, formerly known as ACME Holdings Bhd, said the property located at Cantonment Road in George Town is currently rented to preschool operator Tadika Sains Kreatif. The property will be added to the group’s existing land bank for future development, said Land 33 in a bourse filing on Tuesday.

The group's wholly owned unit, Pacific Horizon Sdn Bhd, entered into a sale and purchase agreement with Julian Lim Chung Yi, as well as the administrators of the estate of Lim Chung Ching, Pamela Ong Siew Im and Christy Toh Siew Teng, for the land deal on Tuesday.  

Land 33 said acquiring the property will enable the group to expand its property development portfolio, unlock development potential of the land and maximise its value.

“The strategic location within a highly sought-after mature residential area, with access to established amenities such as schools, colleges, hospitals, and shopping malls, is expected to enhance the attractiveness of the development and cater to potential market demand,” it added.

The group anticipates completing the acquisition within six months. The purchase will be funded via a combination of internally generated funds and bank borrowings, it added.

Shares of Land 33 ended unchanged at 11 sen, valuing the group at RM40.43 million.