City & Country: Briefs

Relocation of Lai Meng School and Kindergarten approved
The Ministry of Education has approved the relocation of Lai Meng School and Kindergarten from Jalan Ampang to Bukit Jalil, Magna Prima Bhd announced on Bursa Malaysia on July 1.

On March 23, 2009, the group announced that it had entered into a conditional sale and purchase agreement via its wholly-owned subsidiary Twinicon Sdn Bhd with Lai Meng Girls School Association to acquire the 2.6-acre parcel of land, including the buildings, for RM148.2 million

Dolomite Corp to build RM500 mil project in Rawang
Dolomite Corp Bhd will start work on a mixed residential development on 78 acres of freehold land in Rawang, which it acquired in 2003. The project will have a GDV of RM500 million, the group announced on Bursa on July 2. The project is to commence in 4Q2010.

CapitaMalls Asia buying Gurney Plaza extension block, bays for RM215 mil
CapitaMalls Asia Ltd, the sponsor of CapitaMalls Malaysia Trust (CMMT), is buying the Gurney Plaza extension block and some parking bays for RM215 million from Gurney Plaza Sdn Bhd.

The trust’s manager, CapitaMalls Malaysia REIT Management Sdn Bhd, said on July 5 that Gurney Plaza had exercised the put option to require CapitaRetail Gurney Sdn Bhd, a unit of CapitaMalls, to buy the nine-storey extension block.

The acquisition of the extension block must be completed by April 15, 2011, according to a July 5 filing.

UDA Holdings to focus on three major cities
The newly appointed chairman of UDA Holdings, Datuk Nur Jazlan Mohamed, says the company will focus on three core business areas — real estate, town development and the management of shopping complexes — in three major cities, namely Johor Baru, Kuala Lumpur and George Town, Penang.

Pan Pacific buys Wisma PJI for RM8.8 mil
PJI Holdings Bhd is selling Wisma PJI in Selangor to Pan Pacific Enterprise Sdn Bhd for RM8.8 million. PJI Holdings had entered into two sale and purchase agreements on June 30 with Pan Pacific Enterprise to dispose of the building, comprising two adjoining units of 3-storey semi-detached factories in Bukit Jelutong, Shah Alam.

Prinsiptek Corp disposes Penang land for RM8.5 mil
Prinsiptek Corp Bhd, through its wholly-owned subsidiary Prinsiptek Properties Sdn Bhd, disposed of 1.5 acres of Penang land to Tauplene Development Sdn Bhd for RM8.5 million, the company said in a July 2 filing.

The group says the disposal “is in line with its strategy of preserving capital value and strengthening the balance sheet via realising cash resources, which can then be deployed in other projects and investments to maximise returns and for working capital purposes.”

This article appeared in City & Country, the property pullout of The Edge Malaysia, Issue 814, July 12-18, 2010