Land 33 (KLSE:LAND33) unit Pacific Horizon agreed to acquire a freehold property in Penang, Malaysia, for 32.3 million ringgit, according to a Tuesday filing.
The property comprises a two-storey bungalow on 4,287 square meters of land, and is currently used as a preschool.
Land 33 plans to add the property to its land bank for future development.
The acquisition will be funded through internally generated funds and bank borrowings.
Deal completion is expected within six months, subject to closing conditions.
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