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Nam Fatt disposes of land in Shah Alam

KUALA LUMPUR: Property developer Nam Fatt Corporation Bhd is selling a parcel of land in Shah Alam for RM2.85 million.

In a filing to Bursa Malaysia on Tuesday, Jan 25, the company said its unit Maddusalat Bhd had entered into a sale and purchase agreement with J S Bina Sdn Bhd for the disposal of the 1.99-acre leasehold land in Seksyen 13, Shah Alam.

The parcel is vacant land for a residential building, and has a net book value of RM1.67 million as at Dec 31, 2009. The present market value of the land, according to KVG-Lambert Smith Hampton (M) Sdn Bhd, is RM2.79 million under the comparison approach.

The land parcel was purchased by Maddusalat in June 1997 at RM865,761, and the disposal is expected to generate a net gain of RM1.18 million to Nam Fatt.
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