Guangzhou R&F Properties (2777.HKG) has agreed to purchase six areas of land in Johor Bahru, located in the south of West Malaysia, for US$1.39 billion, The Wall Street Journal reported, citing a company statement made on Monday to the Hong Kong Stock Exchange. The company plans to build commercial and residential property on the freehold land, which covers approximately 116 acres. The deal comes after Chinese developer Country Garden Holdings (2007.HKG), which invested in Malaysia in 2012, reported brisk sales in its waterfront residential project, Danga Bay in Johor Bahru, after its launch in August.
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