Tabung Haji buying UOA Devt's boutique office building

KUALA LUMPUR: Lembaga Tabung Haji is buying a 13-storey boutique office building in Bangsar South here for RM102.20mil from UOA Development Bhd.

UOA Development said on Tuesday the purchase price for the one year old building was about RM700 per square foot based on gross area of 146,000 sq ft.

"The current book value is RM75mil. The proposed disposal is expected to generate an estimated gain on disposal of approximately RM20.86mil," it said.

UOA Devt added the proposed sale of the building would enable it to realise the fair value of its investment property and enable the company to look for potential acquisition of investment property, which might provide better yield.

"In the interim, the proceeds from the proposed disposal will be put into fixed deposit accounts with financial institutions," it said.

By The Star