Adroit Innovations says its subsidiary, Raintree Rock Sdn. Bhd., has agreed to acquire six units of properties at Clear Water Residence from property developer Clear Water Developments Sdn. Bhd. for RM7.38 million ($3.19 million).

Located at Changkat Semantan, Damansara Height north-west of Kuala Lumpur city, Clear Water Residence comprises of an 18-storey residential building complex standing on 45,000 square feet of land.

Clear Water Residence has a total of 108 units of exclusive residences offering the services of a boutique hotel such as concierge, a three-storey wellness club, café & dining restaurant, a business center and function room, resident’s lounge, carpark bays and optional housekeeping and laundry services.

Adroit says the acquisition will be satisfied via RM1,118,792.00 in cash from the group’s internal resources and the issue of 180 million new ordinary Adroit shares at an issue price of $0.015.

Adroit says the acquisition is in line with the unit’s strategy to increase the investment in properties and acquire assets that generate higher returns.