Country View to buy land in Johor Baru for RM310m

Country View Bhd (CVB) has proposed to acquire 66.34ha of freehold land in Johor Baru from UEM Sunrise Bhd for RM310 million cash.

The proposed deal is in line with CVB and its subsidiaries’ growth strategy of accumulating new suitable landbank in order to sustain its core business as a property developer to enhance future earnings and revenue. The land is planned for a mixed commercial development comprising resort- linked villas, shop offices and commercial plots of land worth RM1.25 billion.

The development cost is expected to be funded via internally generated funds, bank borrowings and/or issuance of debt securities.

The plan will commence after all necessary approvals from the relevant authorities have been obtained, and it is expected that the completion of the entire development will take a period of seven years.

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