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NewsUOA sells Bangsar South property for RM72.5m
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UOA sells Bangsar South property for RM72.5m
by Cals Tue 07 Jan 2014, 20:00
| UOA sells Bangsar South property for RM72.5m |
| Business & Markets 2014 |
| Written by Jonathan Gan at theedgemalaysia.com |
| Tuesday, 07 January 2014 19:22 |
KUALA LUMPUR (Jan 7): UOA Development Bhd announced today that one of its units, Paramount Properties Sdn Bhd, has entered into an agreement with Marak Moden Sdn Bhd to sell a 12-storey office building for RM 72.54 million.
The current book value of the property is RM22.89 million and the sale is expected to generate an estimated gain of RM48.21 million.
The property is located at Avenue 3, Bangsar South, Kuala Lumpur.
In its statement to Bursa Malaysia, the company said, “Due to the rapid expansion of UOA Group, the property is no longer sufficient to meet the group’s requirements,”.
“The proposed disposal is expected to contribute to the earnings of the company,” it adds.
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