Hua Yang Bhd‘s maiden foray into mainland Penang is expected to pave the way for more land acquisitions over the next 12 months, Kenanga Research said.
It said the forecast is made based on the $69 million sukuk programme which the company has put in place to finance such acquisitions.
“It has always been the management’s key focus to replenish its landbank.
However, the recent land acquisition marks Hua Yang’s maiden foray into Penang’s mainland property market,” it added in a research note.
Yesterday, Hua Yang announced the acquisition of two parcels of land in Bukit Mertajam, measuring about 3.25 hectares, for $8.5 million.