Wednesday, 13 July 2016

Mammoth to sell Empire Shopping Gallery

Property developer cum owner and operator of hotels and malls Mammoth Empire Holdings Sdn Bhd (MEH) is ready to divest Empire Shopping Gallery in Subang Jaya, Selangor, should it receive a desirable and concrete offer. Empire Shopping Gallery has a gross built-up of RM600,000sf and a net lettable area of 350,000sf spread over 5 levels. It has 98% occupancy. The mall valued at RM510 million 2 years ago, while the latest valuation is RM583 million. The tenancy agreements are typically renewed every three years and the rental yield is between 6.5% and 7%.

(The Edge Property, 07/06/2016)

British American Tobacco sells PJ factories and land for RM218 million

British American Tobacco (M) Bhd (BAT), wholly-owned subsidiary Tobacco Importers and Manufactures Sdn Bhd (TIM) entered into sale and purchase agreement (SPA) with LGB Properties (M) Sdn Bhd for the disposal of two parcels of leasehold land measuring 5.3-ha (13.1 acres) in Virginia Park, Petaling Jaya, Selangor, for RM218 million cash. The land was sold together with its existing buildings including offices, warehouse, cafeteria and factory. The land comes with 99-year lease which will expire in 2060 and 2062, and part of the land was leased to Tenaga Nasional Berhad (TNB) until 2032. Upon signing the SPA, the building will be rented out to BAT’s subsidiary for RM1.09 million per month. Currently, the property’s market value stands between RM262.5 million, where RM216.8 million for the land and RM45.7 million for the buildings.

(Property Guru, 09/06/2016)

Magna Prima to buy Shah Alam land for condo project

Magna Prima Bhd’s has entered into a conditional sale and purchase agreement with Regalia Raintree Sdn Bhd, to buy a piece of leasehold land measuring 5.25 acres in Bandar Shah Alam, Selangor for RM43 million. The company plans to develop The View Residence, comprising 3 blocks of 15-storey condominiums, with a total of 315 units, 5 units of shop offices and 953 parking bays. Total estimated gross development value is RM220.81 million, with the gross development cost of RM180.69 million will give them gross profit of RM40.12 million.

(The Edge Property, 10/06/2016)