Capital World acquires developer with rights to joint development of Johor township for $20.6 mil

SINGAPORE (Nov 23): Capital World is planning to develop a 207.5-acre township in Johor near Pengerang Integrated Petroleum Complex.

In a Thursday filing, the Malaysian developer says wholly-owned subsidiary Baiduri Megaria has acquired a 100% stake in Kekal Efektif, an investments and property development firm, for RM63 million ($20.6 million).

Kekal holds the joint development right to develop five plots of 99-year leasehold lands with a total area of 207.5 acres owned by Yayasan Pelajaran Johor, an education foundation established by the Johor State Government. This joint development right expires on Jan 18, 2114.

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