Jetson acquires three tracts in Penang for RM14m

Property News/ 18 January 2011 Leave a comment

KUALA LUMPUR: Kumpulan Jetson Bhd, through its 51%-owned subsidiary Jetson Development Sdn Bhd, has acquired three tracts in Penang from Malaysia Building Society Bhd for RM14 million, according to its statement on Bursa on Jan 18.

The three separate tracts – measuring 21,671 sq ft, 23,277 sq ft and 3,346 sq ft – are all situated in George Town.

The company said that there are plans for high-end property development with an estimated gross development value (GDV) of approximately RM93 million. The acquisition is in line with the company’s strategy in focusing on boutique developments.

“Penang’s property market is second to Kuala Lumpur and has shown substantial excitement in this industry. The property outlooks remains vibrant despite signals of slowing down in other sector and high-end properties market is more resilient to softening market condition,” the statement said.

The company believes the strategic location of the properties, with proposed innovative design and concept, offering exclusivity will appeal to both local and international prospective purchasers.

SOURCE: The Edge Property

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