Crescendo Corporation sells 800,000 sq ft in Johor for growing data centre demand.
Malaysia’s Crescendo Corporation has sold 800,400 sq ft of land in Johor for RM120 million (S$35.95 million). The deal marks the property developer’s seventh land sale for data centre development since late 2023, cementing Johor’s growing reputation as a data centre hotspot.
In a filing with Bursa Malaysia, Crescendo Corporation confirmed the sale of five freehold plots in Nusa Cemerlang Industrial Park to Data Cloud Innovation Sdn Bhd, a subsidiary of UK-based Magma Holding Company. This land is slated for a ‘carrier and cloud-neutral’ data centre, underscoring Johor’s strategic role in Southeast Asia’s data economy.
The 800,400 sq ft (74,360 sqm) land was sold for RM120 million (S$35.95 million). The plots are part of Crescendo’s industrial development in Iskandar Puteri, designed to accommodate light and medium industrial operations.
This marks Crescendo’s seventh data centre-related land sale since November 2023, bringing its total sales to RM792.17 million (S$237.35 million). Earlier buyers include tech giants like Microsoft and Singapore-based STT GDC. From the latest sale, Crescendo expects a net post-tax gain of RM65.22 million (S$19.54 million).
Johor, located just across the border from Singapore, has attracted major data centre investments as Singapore enforces moratoriums on new developments. Companies like AirTrunk, Equinix, and Keppel are among the major operators in Johor, making it a critical hub for cloud and carrier services.
Crescendo recorded a record-high net profit of RM429.9 million (S$128.97 million) for the six months ending July 31, 2024. This was largely driven by land sales for data centre developments in the Nusa Cemerlang Industrial Park.
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The transaction awaits approval from the Johor state government and Malaysia’s Ministry of Economy’s Equity Development Division. Crescendo’s net assets per share are expected to rise from RM3.51 (S$1.05) to RM3.74 (S$1.12) post-transaction, while its gearing ratio will improve to 0.33.
Johor’s data centre boom offers significant opportunities. With Crescendo’s strategic land sales and the proximity to Singapore, Johor is positioning itself as a leading alternative for data centre developments, benefiting businesses across the region.
Crescendo Corporation sells RM120 million worth of land in Johor for a new data centre. The deal underscores Johor’s role as a growing data hub for Southeast Asia, attracting global operators like Microsoft and STT GDC while boosting Crescendo’s financial standing.
Sources: Data Center Dynamics, The Edge Malaysia (2024)
Keywords: Johor Crescendo, Data Centre, RM120 Million Sale
