Prinsiptek Corp Bhd to sell Gombak land

KUALA LUMPUR: Strategic Development Sdn Bhd (SDSB), a wholly-owned subsidiary of Prinsiptek Corp Bhd (PCB) has entered into a into a conditional sale and purchase agreement with investment holding company, Creme De La Creme Couture Sdn Bhd for the proposed disposal of a 99-year leasehold land at Taman Selaseh, Gombak on Dec 31, 2009, PCB announced Jan 5.

The 4.08-acre land is being sold for RM13.5 million, and the sale is in line with the group’s strategy of preserving capital value and strengthening the balance. The capital acquired from the sale will be deployed in other projects and investments.

The commercial land was acquired by SDSB in May 2004 at RM6.3 million and the Proposed Disposal is expected to be completed by March 31, 2010.