Ame Elite to acquire land to develop industrial buildings

Last update: 30/10/2019

KUALA LUMPUR, Oct 30  -- Ame Elite Consortium Bhd has proposed to acquire a piece of land in Kulai, Johor, measuring approximately 6.08 hectares for RM25 million to develop units of industrial buildings with a gross development value of RM120 million.

“The development cost will be funded by stage-of-completion payments from customers, as well as internally generated funds and/or bank borrowing in which the quantum or proportion has not been determined.

“The expected commencement date of the development is by the second quarter of 2020 and slated for completion in a period of 18 months,” the company said in a filing to Bursa Malaysia.

The integrated industrial property solutions provider said due to the rise in demand for its industrial properties and well acceptance of industrial properties by the customers, the proposed acquisition would increase its land bank for future development and is expected to contribute positively to the group’s earnings in the future.