Harn Len unit buys Hong Kong serviced apartment block for HK$203.8 mil

KUALA LUMPUR (June 19): Harn Len Corporation Bhd's (KL:HARNLEN) wholly owned subsidiary, Harn Len Hong Kong Investment Co Ltd (HKICL), has entered into a memorandum of agreement to acquire a 14-storey serviced apartment block in Hong Kong for HK$203.8 million (RM105.35 million).

In a filing with Bursa Malaysia on Thursday, Harn Len said HKICL signed the agreement with Giant Fortune (HK) Ltd (GFKL) on June 17 for the acquisition of the property located at No 52 Hollywood Road, Hong Kong.

“Accordingly, HKICL has paid a deposit of HK$20.38 million, which shall be held in escrow by GFKL's solicitors to secure HKICL's exclusivity over the sale of the property until Jan 27, 2027, and facilitate the completion of the acquisition,” it said.

Harn Len also said it is currently undertaking the necessary due diligence and valuation exercises on the property.

“The company will be making the requisite announcement in relation to the purchase in due course,” it added.

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