Land 33 Bhd is buying a freehold parcel on Cantonment Road in George Town, Penang for RM32,300,000, adding a small but well-located site to its future development land bank.
The property developer, formerly ACME Holdings Bhd, said through a Bursa Malaysia filing that its wholly owned Pacific Horizon Sdn Bhd signed the sale and purchase agreement on 13 October 2026, according to reports by The Edge Malaysia and The Star.
The Star reported the land size at 4,287 sq m. On that figure, the price works out to about RM7,535 per sq m, or roughly RM700 psf before transaction costs. The Edge described the parcel as 1.05 acres and said it includes a two-storey bungalow that is currently rented to preschool operator Tadika Sains Kreatif.
Land 33 has not announced a project name, unit mix, gross development value, launch date or selling prices. For buyers and agents watching the George Town market, the practical point is more basic: this is a land acquisition in a mature residential area, not a launch with homes available for booking.
The company said the site would expand its property development portfolio and help it unlock the land's development potential. It also pointed to the area's access to established amenities including schools, colleges, hospitals and shopping malls as a reason the site could suit future market demand.
The acquisition is expected to be completed within six months and will be funded through a mix of internal funds and bank borrowings, The Edge reported. Until Land 33 files or announces the next plan for the land, the clearest benchmark from this deal is the land cost: about RM700 psf for a freehold George Town parcel on Cantonment Road.
Sources: The Edge Malaysia report citing Bursa filing, The Star report citing Bursa filing.
