Malaysia Property News is a free resource website sharing Daily Property News & information about Property in Malaysia, which related to, Property Market, Property Investment, Commercial Property , Hot Properties Malaysia, Real Estate, Retail Shop, Business Park, Condominium Malaysia, Terraces & Apartment Malaysia, Houses, Residence, Resort and many more.

Thursday, February 12, 2009

Glomac sells office space to PNS for RM50m

KUALA LUMPUR: Glomac Bhd is selling office space within its mixed commercial development Kompleks Kelana Centre Point (KPCC) to Perbadanan Nasional Bhd (PNS) for RM50 million.

The transaction marks PNS’ foray into property investment.

Glomac said its subsidiary Kelana Centre Point Sdn Bhd (KCPSB) had entered into a sale and purchase agreement with PNS for the sale of Wisma Glomac 3 (Block C), a 13-storey tower and three office units in Block A, which are currently fully tenanted.

KKCP encompasses Block A (380 units of shop-offices in a 10-storey complex) and Blocks B, C and D (three blocks of 13-storey office towers).

Glomac said that based on the latest audited accounts of KCPSB as at April 30, 2008, the net book value of the office space to be sold to PNS was RM45.4 million versus the original cost of investment of RM31.7 million.

The transaction will result in a gain on disposal of about RM4.62 million.

By The EDGE Malaysia