Ewein Bhd is buying a 3.93-hectare vacant piece of freehold land in Seberang Perai Tengah, Penang for RM39.77 million.

The property developer is buying the land through its indirect wholly-owned subsidiary SkyDorm Sdn Bhd, which is principally involved in construction and letting of industrial properties. The vendors are Tan Hang Soon and Tan Kean Hock.

Ewein said the acquisition is in line with the group’s strategy of acquiring land banks with good development potential for its property development and property management segments.

“The board is optimistic that the demand for industrial properties is bright and will be contributing towards the profitability of Ewein,” the group added in a bourse filing on Monday.

Ewein said the purchase consideration was agreed on a willing-buyer willing-seller basis and is to be funded via a combination of internal funds as well as bank borrowings.

Source: TheEdgeMalaysia.com