BEDI completes RM14.3m sale of Kota Kinabalu commercial property

KUALA LUMPUR (Sept 24): BEDI Bhd has completed the RM14.3 million sale of a commercial property in Kota Kinabalu after its indirect wholly owned subsidiary, Wah Mie Realty Sdn Bhd, received the balance of the consideration.

BEDI said in a Bursa Malaysia filing on Thursday (Sept 24) that the disposal was deemed completed on Sept 22. The completion period under the sale and purchase agreement had been automatically extended by one month from Sept 10.

The buyer is S.W.E. Elektrikal Sdn Bhd, which BEDI previously described as being involved in electrical contracting, the supply and wholesale of electrical products, and renovation contracting.

The property at Mile 5, Tuaran Road comprises about 49,920 sq ft, or 1.15 acres, of leasehold commercial land, two warehouses and a one-storey office/showroom block. It is held under title CL015379487. The 60-year lease expires on Dec 31, 2078.

When it announced the sale in May, BEDI said the RM14.3 million price was RM1.5 million, or 11.7%, above the property’s RM12.8 million valuation as at Oct 1, 2024. It estimated net proceeds of RM12.7 million after expenses and tax, with RM3 million intended for repayment of bank borrowings and RM9.7 million for future expansion and strategic initiatives.

The completion filing did not disclose revised net proceeds or a realised disposal gain.

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