BCB buys RM110.9 million worth of Johor golf course land to expand its land bank

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BCB buys Johor golf course land

Highlights

BCB, through Amber Vista and Banang Central, is buying four golf course land parcels in Batu Pahat from Indah Corp Bhd for RM110.9 million.
The 64.4-hectare site is valued at RM16 per square foot, slightly below CBRE WTW’s RM112 million valuation, with the purchase funded by internal funds and bank borrowings.
The acquisition is expected to be completed in H1 2027 without requiring shareholder approval; BCB shares held at 22.5 sen, down 10% this year.

This article was translated from the original. Read the original version by our correspondent here.

Acquisition details and transaction terms

According to The Edge Malaysia, as reported in a Bursa Malaysia filing on Friday, BCB units Amber Vista Property Development Sdn Bhd and Banang Central Development Sdn Bhd signed separate sale and purchase agreements with Indah Corp Bhd to acquire four adjoining golf course land parcels in Mukim Simpang Kanan, Batu Pahat.

Amber Vista will acquire three parcels spanning 433,977 square metres for RM74.74 million, while Banang Central will acquire one parcel measuring 210,000 square metres for RM36.17 million. In total, the land covers approximately 64.4 hectares and is valued at RM16 per square foot, slightly below the RM112 million valuation by CBRE WTW Valuation & Advisory Sdn Bhd dated 12 Nov.

BCB said the acquisition is in line with the group’s long-term growth strategy to strengthen and expand its existing land bank. The company also said it was too early to determine project costs, timelines or expected profit margins, as any development would still require the relevant regulatory approvals and planning remained at an early stage.

Under the agreements, the two purchases are interdependent and must be completed simultaneously. BCB must complete the acquisitions even if land-use conversion, planning or development approvals are delayed or not obtained, while Indah Corp must cease golf course operations and vacate the land before handing over possession.

Financial implications and operational impact

BCB plans to fund the purchases through internal funds and bank borrowings, with the financing mix yet to be finalised. The filing stated that audited cash and cash equivalents stood at RM29.9 million as at 30 June 2026, while its latest quarterly earnings report showed total borrowings of RM305.47 million.

The seller, Indah Corp, is wholly owned by Berjaya Vacation Club Bhd, which is in turn wholly owned by Berjaya Property Bhd, a subsidiary of Berjaya Corp Bhd. The acquisition does not require shareholder approval and is expected to be completed in the first half of 2027.

BCB shares closed unchanged at 22.5 sen on Friday, giving the group a market capitalisation of RM92.81 million. Year to date, the company’s shares have declined 10%.

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