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Johor Corp to sell 'at least' two hospitality assets

KUALA LUMPUR (Aug 7): State investment arm Johor Corp (JCorp) is looking for buyers for The Puteri Pacific Hotel in Johor Bahru and Hotel Selesa Pasir Gudang, according a report by The Edge Malaysia.

The report also stated that if sold, the two assets “could fetch a combined RM160 million”.

Both hotels are currently not operating, with Puteri Pacific Hotel shuttering permanently on Aug 30 last year, impacted by the Covid-19 pandemic and after operating for 29 years, while Hotel Selesa Pasir Gudang ceased operations in 2017.

Head of corporate communications Hasnina Hafiz told the weekly that real estate and infrastructure are among JCorp’s core engines of growth.

“We continue to refresh and review our property portfolio and property investments with a view to strengthen our investment portfolio. Given that our management of investments is dynamic, it is imperative for us to continually reposition, repurpose and rebalance the portfolio to ensure optimum returns,” she said.

“Safeguarding the long-term interests of our key stakeholders is always a priority when we consider our investments. Given the strong value proposition and quality of the assets within our portfolio, we expect to see attractive yields from our investments, which will contribute to JCorp’s aim to continue generating sustainable returns,” added Hasnina.

The business publication also revealed that there are “at least two advertisements by real estate agents — a YouTube ad by Zerin Properties and another on iProperty.com.my by CBRE | WTW — inviting offers for the two assets”.

The last time JCorp “divested” three of its hotel assets was in 2017 and 2014, said the report.

Read the full report in this week’s The Edge Malaysia

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