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.

Saturday, March 5, 2011

Guocoland unit sells land for RM45m

GUOCOLAND (Malaysia) Bhd’s associate company is selling a piece of land in Malacca to Perbadanan Kemajuan Negeri Melaka for RM45 million.

The associate, Continental Estates Sdn Bhd (CESB) — a property developer that also operates an palm oil estate — will use the proceeds for working capital and repayment of borrowings.

Guocoland said in a stock exchange filing yesterday that the sale will result in a gain of about RM15 million to CESB and RM7.5 million to the group.

The land, measuring about 202.5ha, is located in Jasin.

By Business Times

No comments: