Kuala lumpur: PTT Synergy Group Bhd’s wholly owned subsidiary, PTT Development Sdn Bhd (PTTD), has entered into five separate sale and purchase agreements (SPAs) with Koperasi Kakitangan Bank Rakyat Bhd (Sekatarakyat) for a total consideration of RM260 million.

According to BERNAMA News Agency, the group stated that under the agreements, PTTD will sell, while Sekatarakyat will purchase, five industrial warehouse units at RM52 million each upon completion. The SPAs outline that the development is slated to be completed within 36 months from the date of the agreements, specifically by August 12, 2026.

PTTD is tasked with the development and construction of the five industrial warehouses, which will be situated on 20 individual parcels of freehold land in Pontian, Johor. Each warehouse will consist of a single-storey industrial unit with mezzanine office space and ancillary facilities, boasting a built-up area of 101,567.81 square feet.

The group is optimistic that the development will contribute positively to its revenue, earnings, and net assets progressively.