Crescendo Corp sells land for RM13 million

KUALA LUMPUR: Johor-based developer Crescendo Corp Bhd (CCB) announced on Bursa Malaysia on April 12, that its wholly-owned subsidiary, Panoramic Industrial Development Sdn Bhd (PIDSB) has agreed to sell two pieces of land in Nusa Cemerlang Industrial Park, Gelang Patah, Johor along with two units of 2-storey detached factory buildings with a total built-up area of 45,261 sq ft to be built by PIDSB to Wilgain Resources Sdn Bhd for RM13 million.

Wilgain Resources is a private limited company incorporated on Aug 8, 2007, with an authorised share capital of RM1 million and is fully paid-up.

The estimated land and development cost of the properties is about RM8.7 million. The estimated net profit from the sale is about RM2.5 million.

The sale proceeds will be utilised as working capital for PIDSB. The buildings will commence construction on April 2010 and will be completed within one year.