By Singapore Newsroom
SINGAPORE (Nov 23) -- Singapore-listed property company Capital World's wholly owned unit Baiduri Megaria has agreed to buy the whole of Malaysian real estate outfit Kekal Efektif for 63.0 million ringgit ($15.3 million), Capital World said in an exchange filing Thursday.
Kekal holds the joint development right to five plots of 99-year leasehold land with a total area of approximately 207.5 acres owned by Yayasan Pelajaran Johor - an education foundation established by the Johor State Government. Development will take eight to 10 years and will be a township comprising residential properties, shops and offices.
"The residential development will be timely to capture the rising housing demand of the upcoming Pengerang oil and gas hub," Capital World Chief Executive Siow Chien Fu said.
Capital World was formerly known as Terratech Group.
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