City & Country: Briefs

SHL set to secure ownership of Wisma Sin Heap Lee
SHL Consolidated Bhd is set to secure majority ownership of Wisma Sin Heap Lee, a prime commercial property near the Jalan Tun Razak and Jalan Ampang intersection in Kuala Lumpur. This will follow SHL’s acquisition of a 60% stake in Goodstock Land Sdn Bhd for RM25.56 million. In a statement to Bursa Malaysia on April 20, SHL said it had signed a sales and purchase agreement with Goodstock’s two major shareholders, Datuk Yap Teiong Choon and Datuk Yap Chong Lee, to acquire 900,000 Goodstock shares. The acquisition is scheduled for completion on May 21.

Axis REIT acquires industrial property
Axis Real Estate Investment Trust (Axis REIT) will acquire a leasehold industrial property within Johor’s Port of Tanjung Pelepas enclave from Zone Capacity Sdn Bhd for RM30 million. Axis REIT told Bursa Malaysia on April 20, the property comprises a 6.12 acre site with a 1-storey warehouse and 2-storey office. Located next to Nusajaya, it is 10 minutes away from the second link to Singapore and comes with a long lease by Japan-based Nippon Express, a logistics firm.

Iris and Mapletree terminate disposal and leaseback scheme
The planned disposal and leaseback of two plots of leasehold land in Technology Park Malaysia, Kuala Lumpur, between Iris Corp Bhd and Mapletree Industrial Fund Pte Ltd is off. On April 16, the two terminated the conditional letter of offer dated July 9, 2007, under which Iris would sell the sites, that house a 4 1/2-storey office and manufacturing building, to Mapletree, according to Iris’ statement to Bursa Malaysia on April 19. The conditional letter of offer was terminated because terms and conditions of the sale and purchase agreement could not be concluded within the agreed negotiation period. As such, Mapletree’s solicitors will refund RM1.83 million, being 2% of the purchase price with interest accrued, to Mapletree.

YTL Corp to inject Niseko Village into Starhill REIT
YTL Corp Bhd plans to inject its newly-acquired ski resort Niseko Village in Japan, into Starhill Real Estate Investment Trust which is being restructured to accommodate YTL’s hospitality assets. The ski resort in Hokkaido was acquired from PC One YK for ¥6 billion (RM224 million), YTL managing director Tan Sri Francis Yeoh said on April 15. Niseko Village sits on a 617 ha site where the 506-room Hilton Niseko Village, 200-room Green Leaf Hotel and two 18-hole golf courses are located. The tract at the base of Mount Niseko An’nupuri, also includes a ski mountain enclave with seven ski lifts and 15 ski trails.

This article appeared in City & Coountry, the property pullout of The Edge Malaysia, Issue 803, April 26-May 2, 2010

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