Kanger International Bhd, a company known for its diverse business ventures, is making significant strides in the real estate sector. In a recent development, the company has acquired 15 units of proposed serviced apartments in Tower A of the prestigious Antara Genting Highlands Resort Suites for a total of RM19.77 million. This strategic investment reflects Kanger’s commitment to expanding its property portfolio and further establishing its presence in the property investment and management sector.
This latest acquisition marks a continuation of Kanger’s aggressive pursuit of investment properties. The company’s wholly owned subsidiary, KIB Global Resources Sdn Bhd, entered into a sale and purchase agreement with Aset Kayamas Sdn Bhd, the developer of Antara Genting Highlands Resort Suites.
The primary objective of this agreement is to bolster Kanger’s property investment and management business, underlining the company’s vision for sustainable growth in the real estate industry.
Kanger’s foray into the property sector gained significant momentum in 2021 when it acquired 126 serviced apartments spanning Levels 30 to 45 in Tower A of Antara Genting Highlands Resort Suites. This acquisition amounted to RM142.87 million, demonstrating Kanger’s commitment to building a diverse and valuable property portfolio.
Antara Genting Highlands Resort Suites enjoys a prime location on 5.33 acres of freehold land, situated just 850 meters away from SkyAvenue, a premier shopping mall in the Genting Highlands. Additionally, it is in close proximity to the Awana Skyway Chin Swee Station, one of the key cable car stations in the area.
The development itself comprises four impressive towers, each soaring to heights of 44 to 46 storeys. In total, there are 1,460 units of serviced apartments within the project. This upscale development reflects the growing demand for luxurious accommodations in the Genting Highlands region.
Kanger International, originally known for its manufacturing and trading of bamboo flooring, furniture, and bamboo-related products for residential and commercial markets, diversified its business interests in 2015. Since then, the company has been actively involved in property development, investment, and management, expanding its horizons beyond its original core business.
In response to this latest acquisition, Kanger’s shares exhibited a 20.83% decrease, closing at 9.5 sen per share. As of now, the company boasts a market capitalization of RM59.17 million.
Kanger International’s expansion into the property sector underscores its dedication to diversifying its business portfolio and capitalizing on opportunities in the real estate market. The acquisition of serviced apartments in Antara Genting Highlands Resort Suites aligns with the company’s long-term growth strategy, positioning Kanger as a prominent player in the property investment and management landscape.
With a steadfast commitment to excellence, Kanger International continues to explore avenues for sustainable growth and value creation in the real estate sector.