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.

Tuesday, June 7, 2011

N2N buys office tower in Bangsar South

N2N Connect Bhd says it has entered into a sale and purchase agreement on June 3 to buy an 11-storey office building known as Block 6, The Horizon (Phase 1), Bangsar South from Bangga Istimewa Sdn Bhd for RM36 million cash.

N2N plans to borrow RM27 million, or 75 per cent, of the purchase price to pay for the building.

The remaining RM9 million, or 25 per cent, will be derived from internal funds.

N2N intends to occupy four storeys of the property for its own use and rent out the remaining floor space to third-party tenants.

It estimated the rental income to be generated at about RM1.76 million per annum based on current office rental rates of RM5 per sq ft per month.

By Business Times

No comments: