KUALA LUMPUR: Farlim Group (Malaysia) Bhd is venturing into Bidor, Perak by purchasing 37.53ha of leasehold land which has received approval for a mixed housing cum commercial estate.
It said on Friday it had signed a sale and purchase agreement with High Productivity Sdn Bhd, Tan Lian Tan and Eng Ong Thuan to acquire the land.
Farlim said the original lease on the land was to expire on Jan 23, 2020. However, the vendors had received approval from the state authority to sub divided the land and the lease was converted into 99 years.
“The acquisition is in line with Farlim Group’s overall strategy to acquire additional land banks for potential development in strategic locations with high development value, which will provide an opportunity for the company to expand and strengthen its existing business of property development of residential and commercial properties,” it said. - The Star
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