SC Estate sells Kedah land designated for resort to newly formed company

• According to its exchange filing, the 0.58ha site located in Bandar Alor Setar will be sold to Novium Pinnacle Sdn Bhd under a sale and purchase agreement signed on Tuesday. The deal allows for a 24-month payment period, with a RM200,000 deposit already paid.

PETALING JAYA (July 23): SC Estate Builder Bhd’s wholly-owned subsidiary, SC Estate Construction Sdn Bhd, is selling a piece of freehold land in Alor Setar, Kedah for RM8.8 million.

According to its exchange filing, the 0.58ha site located in Bandar Alor Setar will be sold to Novium Pinnacle Sdn Bhd under a sale and purchase agreement signed on Tuesday. The deal allows for a 24-month payment period, with a RM200,000 deposit already paid.

Novium Pinnacle, the buyer, is a newly incorporated private company involved in real estate activities. The land is currently vacant and does not have any buildings. It can only be used for resort development, as stipulated in the land title.

The construction group said the land was acquired in 2021 for RM6.28 million. Despite the land’s market valuation remaining at that price, the company successfully negotiated a significantly higher sale value. The deal is expected to generate a profit of RM2.52 million for the group.

Proceeds from the sale will be used primarily to strengthen SC Estate Builder’s working capital. The funds are expected to support its renewable energy initiatives, including solar power plants and affordable homes equipped with solar rooftops.

While there are no outstanding loans or encumbrances, a lien caveat by SC Estate Construction has been in place since 2020.

SC Estate Builder’s board said the disposal is in the group’s best interest and is not expected to materially impact its financials for the year ending July 31, 2025.

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