Wednesday, November 2, 2011

Kimlun plans foray into property devt

KUALA LUMPUR (Nov 2): Kimlun Corp Bhd plans to venture into the property development with the proposed acquisition of 17.2 ha of agricultural land in Negeri Sembilan for RM27.36 million.

The company said on Wednesday its planned to build factories on the land, once it had received approval from the authorities for the conversion.

Its unit Kimlun Land Sdn Bhd had signed four sale and purchase agreements with the vendors to buy the land in the Setul district in Seremban.

It said the property were within the area zoned for industrial activities in Nilai, Seremban, Negeri Sembilan.

'The proposed acquisition is in-line with the group's strategy to move up-stream into property development to diversify its source of revenue,' it said.

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