The Mah Sing Group has announced the completion of the sale of its 20-storey Grade A office, The Icon Jalan Tun Razak (East Wing), to Kuwait Finance House K.S.C (KFH) and Autron Corp Ltd for RM255 million.
In a statement, Mah Sing said the payment of 18 per cent of the sale consideration of RM237.092 million (excluding the cost of RM18 million for car park) amounting to RM42.676 million will be payable within seven days from the date of the supplemental agreement signed yesterday.
“The balance 82 per cent, amounting to RM194.415 million shall be paid within seven days from the issuance of the project architect’s certificate of practical completion,” the company added.
Group managing director/chief executive Datuk Sri Leong Hoy Kum said the building is expected to be completed in the first half of next year.
“Together with the en bloc sale of the West Wing to Koperasi Permodalan Felda for RM174.4 million in July last year, The Icon Jalan Tun Razak has reaped RM429.4 million in gross development value (GDV) for Mah Sing within 13 months of purchasing the prime land in October 2006,” Leong pointed out.
Leong said the group is financially strong and would continue to build its strong balance sheet by capitalising on any business opportunity.
The group has 14 residential and commercial projects, of which nine are in the Klang Valley, four in Johor Baru and one in Penang with a remaining GDV of RM2.98 billion.
“This represents a total GDV of approximately RM4 billion which ensures the group’s earnings visibility for seven years,” Leong explained.
By Bernama
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