Chin Well buys land in Penang for RM48mil to expand growth footprint
KUALA LUMPUR: Chin Well Holdings Bhd has acquired three parcels of freehold land in Penang for RM48.41 million as part of its long-term strategy to build up a landbank with development potential.
The company entered into a sale and purchase agreement with High Rich Realty Sdn Bhd to acquire the properties, which span a total of 12.85 hectares in Seberang Perai Tengah.
Chin Well said it will use internal funds for the purchase, which is expected to be completed in the second half of 2025.
"The properties are located along the main road with easy access to Batu Kawan Industrial Park, Valdor, Simpang Ampat, Bukit Minyak and Nibong Tebal," it said in a filing with Bursa Malaysia today.
It added that the sites are also near the Second Penang Bridge, highlighting the area's infrastructure readiness and accessibility.
The purchase price was agreed on a willing-buyer, willing-seller basis at RM35 per square foot, based on the indicative market value of comparable properties in the area.
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