PTT Synergy Group Bhd is acquiring a 3.925-hectare parcel of freehold land in Seberang Perai Selatan, Penang, for RM62.53 million.

The industrial construction and automated logistics company said its wholly owned subsidiary, PTT Logistics Hub 3 Sdn Bhd, has entered into a sale and purchase agreement with Lee Mooi Khean for the acquisition of the land.

The property is located at Lot 1597, Mukim 12, in the district of Seberang Perai Selatan.

According to PTT Synergy, the land will initially be held as an investment property, with potential for future development in line with the group’s business expansion plans.

The company said the acquisition is intended to strengthen its asset base while providing additional land for future development and operational requirements.

The site could support the group’s expansion over the medium to long term, although specific development plans for the property have not been disclosed.

The RM62.53 million acquisition will be funded through a combination of internally generated funds and bank borrowings. Completion of the transaction is expected by the first quarter of 2027.