The group, through its wholly owned units TCS Construction Sdn Bhd and Saujana Permai Development Sdn Bhd, had mutually agreed to terminate the letter of award entered between the parties two years ago.
Datuk Mohamad Hisham Hamdan, 55,was formerly chairman of the board of UDA Holdings Bhd and BBCC Development Sdn Bhd, the developer of Bukit Bintang City Centre located within the Golden Triangle of Kuala Lumpur.
Connected to the Sunway Medical Centre, Sunway Sanctuary sits atop Tower D of Sunway Medical Centre from Level 15 to 30.
The group anticipates strong demand for its affordably priced properties and will continue to launch new phases of developments.
For S P Setia, the developer expects to free up RM278 million of cash and a gain on disposal of RM31 million.
DONE DEAL: Factory, Petaling Jaya, Selangor DONE DEAL: Commercial land, Persiaran Titiwangsa, Kuala Lumpur Located in the enclave of Damansara Heights or Bukit Damansara, Kuala Lumpur the property is surrounded by numerous conveniences and amenities.
“This came as not something bad actually.
“This sale is part of S P Setia's strategic plan to improve capital efficiency by monetising its identified land banks and aligns with the company's long-term plan to move towards a lighter asset structure.
The acquisition, which is expected to be completed by the first quarter next year, will expand the KIP REIT’s portfolio to 11 assets.
Up to 50% of the 410 available units are already reserved as the “high-rise condominium has generated significant interest among urban dwellers who value a quality lifestyle and captivating living environments”.
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