Chin Well Holdings Bhd has signed a sale and purchase agreement (SPA) with High Rich Realty Sdn Bhd.
The partnership is to purchase three freehold land lots worth RM48.41 million in cash located in Penang.
In a filing to Bursa Malaysia, Chin Well announced that the three freehold land lots cover an area of 128,508.72 square metres and are located in the Seberang Perai Tengah district.
Chin Well also said that this transaction is in line with the company's long-term strategy to acquire high-potential land, near the economic zone and Batu Kawan Industrial Park.
In short, the purchase price is set by mutual agreement based on the market value of properties in the surrounding area.
