SSF Home Group to buy RM42.47m Pulau Indah industrial land for warehouse
SSF Home Group Bhd plans to acquire three leasehold land parcels in Pulau Indah, Selangor, for RM42.47 million to build its own warehouse and distribution facilities. The 13-acre vacant industrial site has a 99-year lease expiring in 2097 and is valued at about RM75 psf.
SSF Home Group Bhd (KL:0287) plans to acquire three leasehold land parcels in Pulau Indah, Selangor, for RM42.47 million to build warehouse and distribution facilities for its own use. In a Bursa Malaysia filing on Monday (Oct 26), the home furnishing retailer said its wholly-owned subsidiary SSF Sdn Bhd had entered into a conditional sale and purchase agreement with IFFCO Foods Sdn Bhd for the acquisition.
The vacant industrial land spans about 13 acres in Mukim Klang, Klang district, translating into a purchase price of approximately RM75 psf. The parcels, identified as PT 129415, PT 129421 and PT 129422, have 99-year leases expiring on Feb 24, 2097.
SSF said the acquisition would enable it to build its own warehouse facilities, reducing reliance on rented premises and providing greater flexibility in managing warehousing and distribution operations. The group expects the location to improve logistics efficiency and potentially generate long-term cost savings, while supporting future business expansion.
The purchase price took into account the land’s location, size and industrial use category, as well as an aggregate market valuation of approximately RM42.48 million by independent property valuer Jones Lang Wootton as at Sept 29, 2026. SSF will fund the acquisition through internally generated funds and bank borrowings. It said it had secured a bank offer letter for financing of up to 90 per cent of the purchase price.
Based on the group’s audited consolidated financial position as at June 30, 2026, pro forma gearing would rise to 22.14 per cent from zero following the acquisition. The deal is conditional on IFFCO Foods obtaining the relevant authorities’ consent to transfer the land within three months of the agreement, or an extended period mutually agreed in writing. SSF said shareholder approval is not required.
Subject to fulfilment of the agreement’s terms, the land acquisition is expected to be completed within four months of signing. SSF said the acquisition is not expected to materially affect earnings or earnings per share for the financial year ending June 30, 2027.
