GBH Plans Rm143m Property Purchase

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Ceramic products company Goh Ban Huat Bhd (GBH) is planning to buy several properties in Pontian, Johor, from three companies controlled by the family of its controlling shareholders, for RM143 million reported EdgeProp.

It is also seeking to diversify its business into construction and property development, it announced in a Bursa Malaysia filing yesterday.

The properties it is buying are 29 units of unsold 1.5-storey semi-detached factories — with a collective built-up area of 340,542 sq ft — 15 parcels of vacant industrial land, a vacant commercial plot, and a vacant hostel land that measures 45.52 acres (18.4ha) in all.

The vacant commercial plot, which GBH is buying from PNISB, has already obtained planning permission from the Majlis Daerah Pontian to be developed into Pekan Sentral, a mixed commercial area with a gross development value of RM126.1 million. At an estimated gross development cost of RM82 million, GBH said there would be a potential gross development profit of RM44.1 million from the project.