Jiankun enters RM72.69m GDV property project in mainland Penang

JIANKUN International Bhd, a Main-Market listed property developer, has sealed a share sale and purchase agreement (SPA) with vendors Lee Khoon Eng and Lee Phaik Choo to acquire a commanding 99.99% stake in Oriental Link Properties (M) Sdn Bhd for RM9.5 mil.

The acquisition is not just a transfer of shares but a significant leap towards expanding Jiankun’s portfolio in the Malaysian property market by leveraging Oriental Link’s existing projects.

Notably, Oriental Link is leading the development of two prominent projects, namely (i) Panchor Sanctuary Garden which is a sprawling 7.58-acre residential development in Nibong Tebal, mainland Penang; and (ii) a strategic commercial project on Lot 334 Jalan Paboi (in Simpang Ampat, mainland Penang).

A testament of Oriental Link’s dedication to crafting superior living and commercial spaces, Panchor Sanctuary Garden which is nestled on a freehold, triangular flat land is set to emerge as a top-tier residential enclave.

Boasting a gross development value (GDV) of RM72.69 mil with anticipated substantial returns, its strategic location near key facilities like Kolej Vokasional Nibong Tebal, Plaza Tol Jawi and the Nibong Tebal KTM Station is expected to augment its appeal to buyers and investors.

Envisioned as a benchmark in luxury living, this freehold development will feature 116 exquisitely designed double-storey terrace houses and an opulent two-storey clubhouse. These residences – varying in built-up areas from 1,600 to 1,919 sq ft – is targeted at a broad spectrum of lifestyle preferences.

Additionally, Lot 334 Jalan Paboi opens an avenue for significant commercial opportunities by further diversifying Jiankun’s real estate offerings.

“This is not just a transaction but a pivotal move in our growth-driven strategy. It signifies a major milestone in our journey of strategic expansion,” commented Jiankun’s chairman Tan Sri Mohamed Apandi Ali.

Tan Sri Mohamed Apandi Ali

“Oriental Link’s projects align perfectly with our ethos of delivering unparalleled quality and value. Integrating its projects into our portfolio symbolises our unwavering commitment to excellence in the Malaysian real estate sector.”

Meanwhile, Jiankun’s executive director and CEO Edwin Silvester Das applauded the Panchor Sanctuary Garden project as a testament to Jiankun’s capability to spearhead developments with immense potential.

“Its exciting prospects represent a crucial step in our mission to diversify our portfolio and achieve sustainable growth. We are poised to re-define residential living standards with Panchor Sanctuary Garden,” added Das.

At the close of today’s trading, Jiankun was unchanged at 18 sen with 122,500 shares traded, thus valuing the company at RM68 mil. – Dec 22, 2023

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