A unit of mainboard-listed GSH Corp is buying a prime piece of land in Kuala Lumpur for RM$132.4 million ($$51.4 million), it said on Friday.
GSH is controlled by "popiah king" Sam Goi who holds a majority stake. Its unit City View Ventures is buying the land from Tropicana Kia Peng Sdn Bhd.
The 5,800 sq m site on Jalan Kia Peng in Kuala Lumpur's Golden Triangle is 800 metres away from the city centre.
The firm said in a statement that it plans to turn the plot into a residential and commercial development.
GSH distributes medical consumer goods and photographic and imaging equipment but has diversified into developing property projects.
Mr Goi, who is chairman of GSH, said in a statement that the firm was "working very hard to expand into mainland China, Malaysia and the Asean region". He is also executive chairman of food and beverage group Tee Yih Jia.