Ho Hup Construction Company disposes of freehold land in Bukit Jalil

KUALA LUMPUR: Ho Hup Construction Company Bhd has disposed of a tract of freehold land in Bukit Jalil for RM7.64 million.

Bukit Jalil Development Sdn Bhd, its 70%-owned subsidiary, had on Dec 16 entered into a conditional sale and purchase agreement with Action Master Sdn Bhd for the proposed disposal of a parcel of freehold land measuring approximately 13,398 sq m.

The proposed use of the land is to develop 76 units of town houses, of which to-date, remains undeveloped. The audited net book value of the land based on the financial statements of Bukit Jalil Development as at Dec 31 last year is RM7 million.

A valuation letter dated Dec 16 by Henry Butcher Malaysia Sdn Bhd, an independent registered valuer, placed the market value of the land at RM5 million. Bukit Jalil Development bought the land in May 2006 for RM2.73 million.