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Sime Darby subsidiaries to sell Block H, Oasis Square, for RM124.5 million

KUALA LUMPUR: Sime Darby Bhd's indirect subsidiaries, Sime Darby Ara Damansara Development Bhd and Sime Darby Brunsfield Holding Sdn Bhd, have signed an agreement with Brunsfield Oasis Tower Sdn Bhd for the sale of Block H, Oasis Square, in Ara Damansara, Petaling Jaya, for RM124.5 million.

Sime Darby said the selling price of the property was 8.3 per cent above the valuation of the property as at March 21 and proceeds from the sale would be used for working capital for Sime Darby Brunsfield.

The sale would allow Sime Darby and its subsidiary to optimise the allocation of its capital to maximise its returns on investments through the utilisation of the proceeds, the company said in a filing to Bursa Malaysia on May 16.

Sime Darby Ara Damansara Development is a wholly-owned subsidiary of Sime Darby Property Bhd, a wholly-owned unit of Sime Darby. Sime Darby Property also owned 60 per cent stake in Sime Darby Brunsfield while the rest was owned by Brunsfield Metropolitan Sdn Bhd.

In another filing, Sime Darby Property had awarded Zecon Bhd a contract to build a 10-storey commercial building in Taman Melawati, Setapak, namely Melawati Corporate Centre, worth RM82.97 million.

Sime Darby said the scope of work under the tender, apart from the building, includes mechanical and electrical services and related infrastructure works. It said the project is expected to commence this month and due for completion within 28 months.

Sime Darby said Zecon was chosen from five bidders as it offered the lowest tender price and in the event of a delay, damages of RM36,700 per day shall be imposed on the company pursuant to the tender document. - Bernama

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