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City & Country: Briefs

Menara Olympia deal aborted
The proposed disposal of Olympia Industries Bhd’s Menara Olympia to Jelita Timur Sdn Bhd for RM30.2 million has been aborted following the buyer’s withdrawal.

In a Bursa Malaysia filing on Aug 27, Olympia Industries said it will refund Jelita Timur the RM3.02 million deposit.

Olympia Industries had received a directive from Bursa Malaysia Securities Bhd (BMSB) to conduct a second valuation of Menara Olympia, a property under its subsidiary Dairy Maid Resort & Recreation Sdn Bhd, and the adjoining leased car park by a professional valuer to be appointed by BMSB, in this case Rahim & Co.

“In view of the uncertainties regarding the transaction, the board of Olympia Industries has deliberated on the commercial and legal aspects of the transaction and has unanimously agreed that it is in the best interest of the company to mutually abort the transaction,” it said.
 

KLCCP 1Q revenue at RM227 mil
KLCC Property Holdings Bhd’s revenue for 1QFY2010 ended June 30 rose 4% to RM227 million from the previous corresponding period.

The company said on Aug 27 that its profit before tax rose to RM139.8 million from RM131.1 million previously.

The increase in revenue was due to better rents for its office buildings, particularly Dayabumi, and its retail mall, it added.

Glomac to acquire seven-acre parcel in Cyberjaya
Glomac Bhd, via its newly acquired unit Berapit Properties Sdn Bhd, has entered into a sale and purchase agreement with CyberviewSdn Bhd and Setia Haruman Sdn Bhd to acquire a seven-acre tract representing part of an enterprise lot in Selangor for RM27.44 million.

The group said it was acquiring the the lot, which is part of the Cyberjaya Flagship Zone, as an extension of its existing Glomac Cyberjaya development, which is next to the parcel.

According to Glomac, the parcel is in the centre of the Cyberjaya Enterprise Zone and close to several well-known buildings in the area, such as BMW, Fujitsu and Ericsson. It is also close to the Multimedia University.

It is a hot spot for international IT companies and local MSC-status companies, said Glomac.

Mutiara Goodyear sells Ulu Langat land
Mutiara Goodyear Development Bhd, through its wholly-owned subsidiary Regal Form Sdn Bhd, is disposing of a piece of vacant freehold land sized about 71,123.39 sq m in Ulu Langat, Selangor, to Pusaka Padu Sdn Bhd for RM18.4 million.

On the rationale for the disposal, Mutiara said in a filing with Bursa on Aug 27 that a big portion of the land was uneven, making it challenging and cost-consuming for development. — Bernama
       

This article appeared in City & Country, the property pullout of The Edge Malaysia, Issue 822, Sep 6-12, 2010
 

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