Country Hgts to sell off London apartments.

PETALING JAYA: Country Heights Lifestyle Berhad (CHLB), a wholly owned sub-subsidiary of Country Heights Holdings Berhad has entered into five separate Deed of Assignment with Golden Horse Palace Berhad (GHPB) for the sale of its five units of hotel apartments in London, the company said in a Bursa Malaysia announcement on  Jan 7.

CHLB acquired the properties in 2006 from Marlbray Limited for GBP1.4 million (equivalent to approximately RM 8.4 million).

GHPB will pay CHLB a total sum of GBP210,000 (equivalent to approximately RM1,371,722.30) and shall settle the balance of the consideration price upon completion of the apartments.

According to CHLB, the disposal will allow the consolidation and streamlining of its business activities in the hospitality, leisure and health division under the parent company and complement its existing hotel and timeshare business.