Land 33 Bhd acquires freehold George Town property for RM32.3m
Land 33 Bhd, via its subsidiary Pacific Horizon Sdn Bhd, has agreed to buy a freehold property at 3, Cantonment Road in George Town, Penang, for RM32.3 million in cash. The 46,145 sq ft site currently houses a preschool and will be used to expand the group's land bank for future property development
PETALING JAYA (Oct 14): Land 33 Bhd, formerly known as ACME Holdings Bhd, has agreed to acquire a freehold property at Cantonment Road in George Town, Penang, for RM32.3 million in cash to expand its land bank for future property development.
In a Bursa Malaysia filing on Tuesday (Oct 13), the group said its wholly owned subsidiary, Pacific Horizon Sdn Bhd, had signed a sale and purchase agreement that day with Julian Lim Chung Yi and Pamela Ong Siew Im and Christy Toh Siew Teng as administrators of the estate of the late Lim Chung Ching.
The property at 3, Cantonment Road comprises approximately 46,145 sq ft (1.06 acres) of land with a two-storey bungalow. It is identified as Lot 2532, Seksyen 1, Bandar George Town, Daerah Timor Laut, held under Geran (First Grade) No. 52594. Julian holds a half undivided share in the property, while the estate’s administrators hold the other half.
The property is currently used as a preschool education centre and rented to Ang Win Nie, trading as Tadika Sains Kreatif. The purchase is subject to an existing tenancy running from May 15, 2026 to May 14, 2029.
Land 33 said the acquisition would allow it to expand its property development portfolio and unlock the land’s development potential. It cited the location within a mature residential area, with access to schools, colleges, hospitals and shopping malls, as supporting the site’s attractiveness for future development.
The purchase price was agreed on a willing-buyer, willing-seller basis. The acquisition will be funded through internally generated funds and bank borrowings, with the proportions to be determined later. Pacific Horizon has paid a 10% deposit of approximately RM3.23 million to the vendors’ solicitors as stakeholders. The remaining RM29.07 million is payable within four months after the vendors’ solicitors deliver a sealed copy of the required court sanction to the purchaser’s solicitors. An automatic two-month extension is provided, subject to late-payment interest of 6% per annum on the outstanding balance, calculated daily.
The agreement is conditional on the estate administrators obtaining court sanction to sell and transfer the deceased’s half undivided share in the property. It allows six months from the agreement date to obtain the sanction, followed by a further three-month extension and any additional period mutually agreed in writing. Land 33 said it expects the acquisition to be completed within six months, barring unforeseen circumstances.
The group said the acquisition is not expected to materially affect its earnings, net assets or gearing for the financial year ending March 31, 2027, although it expects the acquisition to contribute positively to its earnings.
