Atlan Holdings to dispose of 2.7-acre freehold tract at Batu Feringghi for RM33m cash

KUALA LUMPUR: Atlan Holdings Bhd has proposed to sell two pieces of freehold land with a single sales office in Batu Feringghi, Penang, measuring 2.78 acres for RM33 million cash, it announced to Bursa Malaysia on Thursday, Mar 17.

Its unit Tegapasti Sdn Bhd had entered into a conditional sale and purchase agreement (SPA) with Glass Bay Sdn Bhd on Thursday for the two parcels of land.

The land has been earmarked for the construction of 40 units of 9-storey apartments with one level of basement carpark.

"Although the overall planning approval of the Project has been obtained on Apr 16, 2009 and renewed on Apr 16, 2010, the development works for the Project has yet to commence for the time being," it said.

Atlan Holdings will use the proceeds from the sale to repay bank borrowings, defray expenses and use the remainder as working capital.