Berjaya Assets to sell Times Square units for RM24.9 mil to Sports Toto unit

• The deal involves three separate sale and purchase agreements signed on June 25. The units, which are located on the ground floor of the Times Square complex, span a total of 1,637 sq ft and are currently tenanted.

PETALING JAYA (June 26): Berjaya Assets Bhd’s wholly owned unit Sapphire Transform Sdn Bhd, is selling three commercial units at Berjaya Times Square (pictured) in Kuala Lumpur to STM Lottery Sdn Bhd for RM24.9 million.

STM Lottery is a fully owned subsidiary of Sports Toto Bhd.

In a bourse filing yesterday, the deal involves three separate sale and purchase agreements signed on June 25. The units, which are located on the ground floor of the Times Square complex, span a total of 1,637 sq ft and are currently tenanted.

The agreed sale price works out to roughly RM15,211 per sq ft, slightly below the market value of RM25.2 million as assessed by independent valuer Hartanah Consultants.

Berjaya Assets is expected to record a loss of about RM4.57 million from the disposal, based on the property’s book value of RM29.47 million as at end-May 2025.

Payment will be made in stages in which RM5 million was paid upon signing, another RM5 million is due within a month, and the remaining RM14.9 million is to be settled within three months, with a one-month extension allowed with interest.

Berjaya Assets said the proceeds will be used to repay borrowings and fund working capital needs. The company added that the disposal is a chance to monetise its investment in the property.

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