KUALA LUMPUR (April 9): Crescendo Corporation Bhd (KL:CRESNDO) on Thursday announced that it is selling its freehold land that spans 49.72 acres in Kota Tinggi, Johor to Digital Edge Data Centers (Malaysia) Sdn Bhd for RM346.53 million cash.
In a filing with Bursa Malaysia on Thursday, the group said its wholly-owned unit Crescendo Development Sdn Bhd has entered into a conditional sale and purchase agreement (SPA) with Digital Edge.
The deal depends on Digital Edge securing key approvals, including state consent to buy the land, confirmation from the Ministry of Economy that no approval is needed, planning and development approvals, including that from the data centre task force, and power supply clearance from Tenaga Nasional Bhd (KL:TENAGA).
The group expects to book a gain of RM184.03 million from the deal.
Crescendo Corp said the unused land, which is not generating income for the group is being sold to unlock its value and provide a profit, generate cash for new development projects, landbanking, or joint ventures, give the group flexibility to invest in large projects and improve working capital, and allocate RM50 million to partially repay debts, lowering the company’s gearing while preserving cash for ongoing projects.
The land, priced at about RM160 per sq ft, was sold on a “willing buyer, willing seller” basis without an independent valuation. Crescendo said this is 39% higher than nearby land sold at RM115 per sq ft in 2025.
The land had a net book value of RM11.6 million as of Jan 31, 2025, and was originally bought for RM6.96 million in June 2001, according to the filing.
Crescendo Development is principally engaged in property development, investment holding, and oil palm cultivation.
Meanwhile, Digital Edge, based in Damansara, is primarily involved in data centres, IT, cloud, network infrastructure and related activities. It is a wholly-owned subsidiary of Singapore’s Digital Edge (Singapore) Pte Ltd.
Shares of Crescendo Corp closed up by one sen or 0.9% at RM1.16 ahead of the announcement on Thursday, valuing the group at RM985.9 million.
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