SINGAPORE (July 18): GLG Global, a subsidiary of the Goodland Group, has acquired freehold properties in George Town, Penang for RM6 million ($2 million).

The properties are situated on Jalan Kuala Kangsar, a road that runs through George Town’s Chinatown.

Located at Lot Number 811, Section 18, the property comes with four double-storey shophouses.

The group intends to derive income from the rental of the properties, subject to getting the necessary approvals.

This acquisition will be funded through the group’s internal resources or bank borrowings.

The acquisition is subject to the terms and conditions as stipulated in the sale and purchase agreement which include, among others, approvals from the relevant authorities.

Shares in Goodland Group closed at 20 cents on Thursday.