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Bonia adds prime KL property to its property investment arm

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Bonia adds prime KL property to its property investment arm Empty Bonia adds prime KL property to its property investment arm

Post by Cals Wed 30 Oct 2013, 21:47

Bonia adds prime KL property to its property investment arm
Business & Markets 2013
Written by Jeffrey Tan of theedgemalaysia.com   
Wednesday, 30 October 2013 18:28
KUALA LUMPUR (Oct 30): Bonia Corporation Bhd has acquired a prime property worth RM20 million located strategically in the heart of Kuala Lumpur to further increase its source of revenue and income stream from its property investment segment.

In a statement to Bursa Malaysia, the branded apparel and accessories retailer via its wholly owned unit Maha Asia Capital Sdn Bhd had today entered into an agreement with Megah Mahajaya Sdn Bhd for the acquisition of the freehold property.

“The acquisition is a good opportunity for the group to potentially enjoy both capital appreciation and rental income,” said Bonia.

“We think the purchase consideration of RM20 million or RM1,323 per sq feet is reasonable and affordable.”

Bonia said the property price was arrived at a willing buyer-willing seller basis taking into consideration of similar property prices at the adjourned and surrounding area at Jalan Inai off Jalan Bukit Bintang and Jalan Tun Razak.

“The source of funding for the acquisition will be from internally generated funds (25%) and partly financed by bank borrowing (75%),” said Bonia.

Currently, the single storey detached bungalow house is tenanted to a Japanese restaurant pursuant to a tenancy agreement dated April 15 this year for a period of three years commencing April 15.
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