AHP2's KL and Ipoh properties sold

KUALA LUMPUR: Amanah Harta Tanah PNB 2 (AHP2) has sold two of its properties in Kuala Lumpur (KL) and one in Ipoh, in line with its termination. The KL properties were sold above their reserve prices while the Ipoh, Perak property was sold below its reserve price, the property trust said in a Bursa Malaysia announcement on Nov 26.

The cash consideration for all properties were based on the highest bid at the close of an open tender on Nov 6. This was announced in Bursa Malaysia Nov 26.K

One of the KL properties is No 1,3,5 Jalan Medan Tuanku Satu, Medan Tuanku, off Jalan Tuanku Abdul Rahman, KL had a reserve price of RM8.46 million. It was sold to Seeni Naini Holdings Sdn Bhd for RM12.055 million. This freehold property comprises a 5- storey commercial office building on a 6,287 sq ft site. The built-up is about 32,517 sq ft with a nett lettable area (NLA) of about 25,584 sq ft. The current occupancy rate of the building is 78.33%. The property had a net book value of RM9.4 million according to the trust's audited financial records as at 30 June 2009 leaving a gain of RM2.655 million.

The other KL property is Bangunan TAR located at 404-410 Jalan Tuanku Abdul Rahman. It had a reserve of RM11.8 million. The successful bid went to Madras Jeweller Sdn Bhd with a cash consideration of RM15 million. The property is a 9 ½-storey purpose built office building with a basement level. It sits on a freehold site of 7,772 sq ft  With a built-up of 58,637 sq ft, it is 100% occupied with a NLA of about 41,430 sq ft. The property was valued at 30 June 2009 at RM11.8 million which gives a gain of RM3.2 million.

The Ipoh property is Menara Kinta (formerly known as Bangunan Mayban Trust Ipoh) on Jalan Tun Sambanthan. SHL Enterprise Sdn Bhd acquired it for a cash consideration of RM10.25 million. The reserve price was RM16.2 million. The property had a net value as at 30 June 2009 iof RM18 million, resulting in a loss of RM7.75 million. The property sits on a freehold plot of 18,879 sq ft and has a built-up of 255,288 sq ft. It’s occupancy rate is 46.27% with NLA of about 140,353 sq ft.



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