Country Heights buys office tower for RM44 mil via public auction

• The property, known as The Heritage Tower @ Mines Wellness City, has a gross floor area of 29,886 sq metres and a net lettable area of about 14,167 sq metres.

KUALA LUMPUR (Nov 17): Country Heights Holdings Bhd said it was successful in its bid at a public auction to acquire a 10-storey office tower at the Mines Resort City for RM44.1 million.

The property, known as The Heritage Tower @ Mines Wellness City, has a gross floor area of 29,886 sq metres and a net lettable area of about 14,167 sq metres, the group said.

Country Heights said its wholly-owned subsidiary, Country Heights Sea Resort Sdn Bhd, has signed a Memorandum of Contract with auctioner Ng Chan Mau & Co Sdn Bhd for the acquisition of the property from Mines Resort Sdn Bhd and Work@H Sdn Bhd.

It said the acquisition is in line with its corporate exercise and transformation plan to create a larger capitalisation, better value, and greater economies of scale for the group.

The group added that the acquisition has no material effect on its earnings and net tangible asset for the financial year ending Dec 31, 2022.

Shares of Country Heights closed down two sen or 5.41% at 35 sen, giving the group a market capitalisation of RM105 million.