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Thursday, April 22, 2010

Fraser & Neave to gain RM21.98m from Ampang land sale

KUALA LUMPUR: Fraser & Neave Holdings Bhd (F&NHB) expects to gain RM21.98 million for the sale of 1.44 acres of partly developed land along Jalan Ampang here for RM53.8 million.

F&NHB said on Thursday, April 22 the freehold land is being disposed of to Star Residence Sdn Bhd.

"The proposed disposal would enable the F&NHB group to immediately realise the profit from the disposal. Elsinburg has todate incurred a total development expenditure of RM28.06 million including land cost.

"It is estimated that upon the successful completion of the proposed disposal, the F&NHB group will derive a gain of RM21.98 million after deducting all fees, costs and expenses related to the proposed disposal," it said.

F&NHB said the proposed disposal of the land was together with a development order and approved building plans for two blocks of serviced apartments, signature offices and retail outlets, collectively called "Ampang Hilir 233 Project".

By The EDGE Malaysia

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