Nam Fatt sells leasehold land for RM21.1m

KUALA LUMPUR: Nam Fatt Corporation Bhd is disposing a piece of leasehold land in Selangor — together with the buildings erected on it — for RM21.1 million.

In a filing to Bursa Malaysia on Monday, Dec 6, the property developer said it had entered into a sales and purchase agreement with Cengal Saujana Sdn Bhd on the same day for the disposal of the land.

The 7.36-acre parcel is located in Shah Alam, and comprises 3-storey detached factories, a 2-storey annexed office building, a 2-storey detached office building as well as other miscellaneous structures.

Its net book value as at Dec 31 last year was RM9.74 million.

A valuation conducted on July 5 by independent valuer KGV-Lambert Smith Hampton (M) Sdn Bhd and the present market value of the property free from encumbrances anf with vacant possession is RM19.4 million.

The original cost of the land was RM11.54 million on Sept 24, 1990 in Nam Fatt's book. The disposal is expected to generate a net gain of RM11.36 million to the property developer.