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| MPB snaps up prime landin KL for RM148m |
| Written by Tony C H Goh | |||
| Tuesday, 24 March 2009 11:05 | |||
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The deal will see MPB carving out a piece of land in Bukit Jalil, which the company had proposed to acquire from Ho Hup Construction Company Bhd two weeks ago, for the school and kindergarten to relocate. In an announcement yesterday, MPB said its wholly owned subsidiary, Twinicon (M) Sdn Bhd (TSB), entered into a conditional sale and purchase agreement with Lai Meng Girls’ School Association (LMGSA) for the proposed acquisition of a piece of freehold land measuring 113,962.6 sq ft on Jalan Ampang, Kuala Lumpur, for RM148 million cash. The land is just a stone’s throw from some of the city’s prime landmarks such as the Petronas Twin Towers, Suria KLCC, Ritz-Carlton Residences Kuala Lumpur, Menara TA, Menara Public Bank, Wisma Selangor Dredging, Zouk, Avenue K and Menara AmBank. Also in the vicinity are a number of international hotels such as the Renaissance, Concorde, Shangri-La, Corus, Crown Regency, Equatorial, Nikko and Mandarin Oriental. The purchase price was at a discount of 23.6% or RM45.85 million from the market value of RM194 million that was determined by independent valuers. In return, TSB would transfer a piece of freehold land in Bukit Jalil measuring 239,818 sq ft to the association for the purpose of relocating the Lai Meng primary school and Lai Meng kindergarten. Earlier this month, MPB proposed to acquire the land from Bukit Jalil Development, a 70% subsidiary of Ho Hup Construction, for RM19.41 million. However, the land is charged to the bank, meaning it has some borrowings tied to it and Ho Hup had done some work on it amounting to RM11.82 million. MPB and Ho Hup have a common director and the transaction went through an independent adviser and has been approved by shareholders. Last Wednesday, another wholly owned subsidiary of MPB, Magna City Development Bhd, reached an agreement with Muafakat Baru Sdn Bhd whereby the former is granted a three-month extension until June 19 to acquire two parcels of land measuring a total of 10.23 acres for RM57.93 million cash from the latter. This article appeared in The Edge Financial Daily, March 24, 2009.
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