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Monday, March 19, 2012

Sale of Seremban Parade not done deal

SEREMBAN: THE Seremban Parade has not been sold.

Last June, tycoon Li Ka-Shing's Cheung Kong Group had emerged as the winning bidder of the three shopping complexes put up for sale by TMW Asia Property Fund.

The sale of the other two shopping complexes - Klang Parade in Selangor and Ipoh Parade in Perak - have been completed.

Together, all three malls were reported to have been sold for an estimated RM450 million.

According to sources, the sale of the Seremban Parade to ARA Asia Dragon Fund, an affiliate of Cheung Kong, was not completed as certain conditions were not met.

It is unclear what the price tag is for Seremban Parade, which is reported to have a net lettable area of 316,847 sq ft sitting on 1.97ha land.

The German-based TMW had acquired the three assets in 2005 from the Lion Group for RM340 million.

TMW is managed by Pramerica, the real estate investment management business of Prudential Inc from the United States.

It would be safe to assume that as a fund, TMW would want to make money from the investment it made seven years ago.

Pramerica's other retail properties in Malaysia include Kinta City Shopping Centre in Perak, Island Plaza and 1Avenue in Penang and SSTwo Mall in Selangor.

By Business Times (by Vasantha Ganesan)

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