KUALA LUMPUR: Topmix Bhd said its wholly-owned subsidiary Topmix Resources Sdn Bhd is acquiring a 1.1635ha tract of freehold land in Damansara in Petaling, Selangor, for RM16mil cash.

It said land, purchased from the registered proprieter, Quek Chye Hock, will be utilised as the group’s office and warehousing premises to support its business operations and future expansion. However, this is subject to approval from the authorities to convert the land use category from agricultural to industrial use. 

"The acquisition of the land is expected to strengthen the group’s asset base and provide an opportunity to meet its future office and warehousing requirements, thereby supporting its business operations and future growth over the medium to long term," said Topmix in its filing with Bursa Malaysia.

According to the group, the purchase price represents a discount of about RM2.79mil or 14.83% to the market value of the land, as appraised by an independent valuer.

The property is currently tenanted to Hup Kean Engineering Sdn Bhd for a monthly rental of RM3,000.

The group expects the proposed acquisition to be completed in the first half of 2027.