Tuesday, March 15, 2011

Brem subsidiary buys PJ industrial land for RM48m

KUALA LUMPUR: BREM HOLDINGS BHD []'s 75%-owned subsidiary Harmony Property Sdn Bhd is acquiring two parcels of industrial land in Petaling Jaya for RM48 million cash as part of its plan to accumulate strategic land bank.

It said on Tuesday, March 15 that Harmony Property had entered into a sale and purchase agreement with ROCA Malaysia Sdn Bhd to acquire the lands.

'The proposed acquisition represents an opportunity for the group to accumulate strategic land bank at a reasonable price as the PROPERTIES [] are situated in a prime location with positive commercial property development potential within the popular Petaling Jaya area.

'The properties have close proximity to comprehensive range of amenities and facilities,' said Brem.

Brem said the purchase would be financed via internally generated funds and/or borrowings.

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