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Wednesday, January 16, 2008

YNH in talks to sell remaining proposed tower

PENANG: YNH Property Bhd will soon be selling the other 50% of the proposed 45-storey Menara YNH at Kuala Lumpur’s Jalan Sultan Ismail, group corporate services head Daniel Chan said.

Another reputable overseas buyer was currently considering purchasing the balance 50% of the tower block and an announcement would be made once the sale was concluded, he told StarBiz yesterday.

In an announcement to Bursa Malaysia on Tuesday, YNH said the group had accepted an offer from Kuwait Finance House (Ma) Bhd to purchase an en bloc interest equal to 50% of the proposed building comprising two wings on a luxurious retail podium for RM920mil.

“We are delighted that Kuwait Finance House, a global Islamic financial house, has selected Menara YNH as part of its investment in Asia.

“This attests to the exclusive business address where the tower block is located, which is in a prime business district within walking distance to public transportation, a prestigious five-star hotel like Shangri-La Hotel, upmarket office space and shopping centres in the Golden Triangle,” Chan said.

Each floor of Menara YNH has a floor plate of 55,000 sq ft, which is among the largest in the world.

Menara YNH also has a total net lettable area of about 1.2 million sq ft, making it one of the biggest in Malaysia.

By The Star (by David Tan)

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