Malaysia Pacific Corp sells Wisma MPL for RM189mil

PETALING JAYA: Property development company Malaysia Pacific Corp Bhd (MPCB) is selling Wisma MPL in the Golden Triangle of Kuala Lumpur to Asia New Venture Capital Holdings Sdn Bhd for RM189mil.

In a filing with Bursa Malaysia, MPCB said it had inked a sale and purchase agreement with Asia New Venture for the disposal of land measuring around 2.92 acres along Jalan Raja Chulan.

Wisma MPL is a commercial development comprising of a 23-storey office complex and a 19-storey office tower over a four-storey retail podium block developed by MPCB.

The property development and investment firm said the proposed sale of land is expected to be completed within 10 months, adding that the agreement is to dispose the land together with units owned by MPCB and its wholly owned subsidiaries, namely, ASA Enterprises Sdn Bhd (AESB) and Oriental Pearl City Properties Sdn Bhd (OPCP).

“MPCB owns 69 units which comprise 50 units at the Podium and 19 units at the Office Tower in Wisma MPL, AESB owns 25 units at the Podium in Wisma MPL, and OPCP owns one unit at the Podium in Wisma MPL,” it added.

The average occupancy rate for these units is 35.4%.

However, MPCB noted in the agreement that the proposed land is to be used for trade buildings, and that the development on the land must comply with the development order issued by the Mayor of Kuala Lumpur.

The company intends to utilise RM148.54mil of the sales proceeds to repay bank borrowings within three months, and the balance of RM40.46mil to pay creditors and as working capital and estimated expenses.

Source : TheStar