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Friday, April 23, 2010

F&N sells project to Star Residence

FRASER & Neave Holdings Bhd plans to sell its “Ampang Hilir 233” project on Jalan Ampang, Kuala Lumpur, to Star Residence Sdn Bhd for RM53.8 million.

F&N, via its unit Elsinburg Holdings Sdn Bhd, yesterday entered into a sale and purchase agreement with Star Residence for the 1.44-acre 0.58ha development, which comes with approved building plans for two blocks of serviced apartments, signature offices and retail outlets.

Upon completion of the proposed disposal in the second half of the financial year ending September 30 2010, the F&N group is expected to derive a gain of RM21.98 million.

By Business Times

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