PETALING JAYA: Land 33 Bhd (formerly ACME Holdings Bhd

) is acquiring a freehold piece of land measuring 4,287 sq metres in George Town, Penang for RM32.3mil.

In a filing with Bursa Malaysia, the company said it is acquiring the land from Julian Lim Chung Yi, with Pamela Ong Siew Im and Christy Toh Siew Teng as the administrators of the estate of Lim Chung Ching.

“The acquisition will enable the group to expand its property development portfolio, unlock the development potential of the land and maximise its value.

“The strategic location within a highly sought-after mature residential area, with access to established amenities such as schools, colleges, hospitals and shopping malls, is expected to enhance the attractiveness of the development and cater to potential market demand.”

Additionally, the company said the acquisition provides the group with an opportunity to diversify its income streams, generate additional revenue and potentially contribute positively to its future earnings and financial performance, thereby creating long-term value for the group and its shareholders.