Country View to sell Kulim land for RM119.9 million

PETALING JAYA: Country View Bhd proposes to dispose of 139 pieces of land in Kulim, Kedah measuring 1.74 million square metres for RM119.9 million.
The group told Bursa Malaysia that proceeds from the deal will be partly used for its land acquisition in Johor Baru for RM310 million, which was announced on October 30, 2017.
"The proposed land acquisition will allow the group to expand and enhance its property development activities in Iskandar Puteri, which is expected to generate future income."
Country View said the land disposal provides an opportunity for the group to its land value, which has increased in value since its acquisition in 2000.
Country View’s share price gained 8 sen or 5.16% to RM1.63 yesterday on 12,100 shares done.