PROPERTY developer Goodland Group is expanding to Malaysia, with a plan to buy Citrine Assets for $62.7 million.

Citrine Assets owns 70 per cent in the capital of T-City, with the remaining 30 per cent of T-City owned by GD Land.

T-City in turn owns properties in the Malaysian state of Perak.

The total land area of the properties owned by T-City is 8.9 million sq ft. The unexpired tenure of each property is about 98 years.

Goodland will buy about 2.2 million sq ft of that property.

The plots that it's buying are slated for development as commercial and residential properties.

It added that the residential and commercial properties development outside Singapore is part of its key strategic growth initiatives.

Goodland will pay for the purchase in cash, bonds and new shares.

It will issue 144.7 million shares at an issue price of 38 cents per consideration share, with a total issue price of $55 million.

It said the issue price represents a premium of about 7 per cent to the volume-weighted average price of 35.5 cents on its last full trading day last Friday.