Debao Property Development says subsidiary Debao Property Development (HK) Limited, has completed the acquisition of a 100% stake in Elite Starhill Sdn Bhd for a cash consideration of RM10 million ($2.2 million).
Incorporated in Malaysia, Elite Starhill's principal activity is that of property development although it has not commenced business.
Currently, Elite Starhill is the process of purchasing a plot of land located at Bandar Kuala Lumpur.
Measuring 8,362 sqm and priced at RM388 million, the land will be used for the development of both commercial and residential properties, says Debao.
The acquisition is in line with the group’s strategy to expand into the overseas property market, adds the group.
Debao closed 2.5% higher at 4.1 cents.
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Incorporated in Malaysia, Elite Starhill's principal activity is that of property development although it has not commenced business.
Currently, Elite Starhill is the process of purchasing a plot of land located at Bandar Kuala Lumpur.
Measuring 8,362 sqm and priced at RM388 million, the land will be used for the development of both commercial and residential properties, says Debao.
The acquisition is in line with the group’s strategy to expand into the overseas property market, adds the group.
Debao closed 2.5% higher at 4.1 cents.
Click Here To Register For Free Trial Services OR Give A Missed Call : +6531581402 Follow Us On Twitter : www.twitter.com/epicresearchsg Like Us On Facebook : www.facebook.com/EpicResearchSingapore Need Any Assistance Feel Free To Mail Us at : info@epicresearch.sg
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