Malton to gain RM54.6m by entering into asset exchange with Johor Corp

Malton to gain RM54.6m by entering into asset exchange with Johor Corp
Business & Markets 2013
Written by Madiha Fuad of theedgemalaysia.com
Monday, 13 May 2013 14:36


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KUALA LUMPUR (May 13): MALTON BHD [] announced that its wholly-owned subsidiary, Khuan Choo Property Management Sdn Bhd (KCPM), has entered into a sale and purchase agreement (SPA) with Bukit Damansara Development Sdn Bhd (BDDSB), a subsidiary of Johor Corporation, to dispose its commercial office building for a consideration of RM140 million.

In a filing to Bursa Malaysia, Malton said the disposal involves a 20-storey commercial office building with net lettable area of about 163,504 sq feet and 964 car packs at V Square (VSQ), Petaling Jaya.

The VSQ disposal will see KCPM and BDDSB enter into a ‘proposed asset exchange’, in which KCPM will acquire the redeveloped ‘Pusat Bandar Damansara Kuala Lumpur’ (PBD Complex) from BDDSB worth RM140 million.

The rationale of the proposed asset exchange is for KCPM to dispose its VSQ property, which will result in a gain of RM54.6 million for Malton.

The group added that it also provides KCPM with an opportunity to invest in the PBD Complex.

“[PBD Complex] has very promising prospects for rental returns and capital appreciation as the property is located in a very prime and strategic location in Damansara Heights, Kuala Lumpur,” said the group.