Aeon Co (M) Bhd, the country’s largest department store-cum-supermarket, is expanding its presence in Johor with the purchase of a 20.93-acre piece of land from Johor Land Bhd for RM70.2 million or RM77 per sq ft to build a new mall.
The land is part of a mixed development known as Bandar Dato’ Onn and is an opportunity for Aeon to acquire land and expand its presence in the growing area of Kempas.
“The acquisition is in line with the company’s corporate strategy of accelerating the expansion of its retail business through opening of new malls and outlets,” it said in a filing to the stock exchange yesterday.
Aeon said it will fund the acquisition via internal funds.
Aeon also expects the acquisition to contribute positively to the future earnings and net assets of the company, and to complete the deal within 20 months.
Bandar Dato’ Onn, A Jewel of Iskandar Malaysia, spread over 1,514 acres of freehold land and located only 12 km from the Johor Bahru city centre. This premier development has been planned as a self-contained city and a place for more than 90,000 residents to call home. Bandar Dato’ Onn is accessible via a dedicated interchange that provides direct uninterrupted access to the township. The township will incorporate some 19 thoroughly planned, exclusive neighborhoods aimed at bringing out the finest aspects of community living, plus a vibrant 118-acre commercial hub. These distinctive features, as well as its emphasis on green areas and recreational parks, will make Bandar Dato’ Onn one of the most beautiful and modern township in Southern Malaysia to live in.
Stay tuned for this new city, 9 minutues via EDL to 1st custom checkpoint into Woodlands Singapore, to be one of the next hottest spots in Iskandar Malaysia…..
