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Friday, July 20, 2012

Zecon sells mall to Tabung Haji

PETALING JAYA: Zecon Bhd announced that its unit Zecon Land Sdn Bhd, with Zecon Land's 51% owned subsidiary Zecon Petra Jaya Sdn Bhd, had entered into a sale and purchase agreement with Lembaga Tabung Haji (LTH) for the sale of a retail mall for RM155.85mil.

The retail mall, with a gross floor area of 774,859 sq ft, will be situated in Kuching, Sarawak and be developed by Zecon Land for LTH.

The development of the mall will be funded via a mix of internal generated funds and borrowings.

In a development agreement dated Jan 20, 2011, Zecon Petra Jaya had appointed Zecon Land to undertake the construction of an integrated mixed development known as the Vista Tunku Project on the project land. LTH had requested Zecon Land to construct the mall, with an anticipated completion date two years from commencement of works.

By The Star

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