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SBC Corp acquires lands in Jalan Ipoh

KUALA LUMPUR: SBC Corporation Bhd (SBC Corp) is acquiring two parcels of land in Kuala Lumpur for RM15.36 million.

In a filing to Bursa Malaysia on Friday, Jan 28, the developer said its unit Masahmura Sdn Bhd had on the same day entered into a conditional sale and purchase agreement with Inter Consortium (Malaysia) Sdn Bhd for a piece of freehold land, comprises nine contiguous plots of vacant commercial development land measuring an aggregate of approximately 24,691 sq ft for RM8.64 million.

The parcel is located with dual frontages onto Jalan Cemur and Jalan Taiping, off to the east of Jalan Ipoh and to the west of Jalan Pahang, within the north-eastern fringe of the commercial shop-office area of Kompleks Damai and some three kilometres by road to the north of the Kuala Lumpur city centre.

"This parcel is zoned for limited commercial use and is proposed to be developed into a 15-storey office building with an estimated gross development value (GDV) of approximately RM47.643 million. The estimated gross development cost is approximately RM36.837 million, yielding a gross profit of approximately RM10.806 million to SBC Corp for the next three years," it added.

The net book value of the land as at Dec 31 last year was RM4.09 million.

In the same filing, the developer is selling off PJX commercial space to Inter Consortium (Malaysia) for RM7.13 million, as part settlement for the purchase consideration for the above parcel.

PJX Commercial Space comprises a parcel of stratified office lot located on the lower ground floor of a 33–storey purpose-built office building comprising a 25-level office tower on top of an 8-level retail and car-park podium plus a subbasement level known as PJ Exchange.

PJX was completed, and is currently pending the Certificate of Completion and Compliance.

SBC Corporation other unit Masahmura Sales & Service Sdn Bhd then purchased the second piece of land from Medan Muda Sdn Bhd for RM6.74 million. Its net book value was RM3 million, as at Dec 31 last year.

The second parcel comprises a plot of vacant commercial development land measuring approximately 17,995 sq ft, located with frontage onto Jalan Pahang, next to the high-rise four-star Grand Seasons Hotel at the eastern fringe of the Kompleks Damai enclave.

"It is zoned for commercial use and is proposed to be developed into a 19-storey office building with an estimated GDV of approximately RM42.540 million. The estimated gross development cost is approximately RM34.069 million, yielding a gross profit of approximately RM8.471 million to SBC for the next three years," it said.

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