Encorp Bhd is selling a 5.831-acre freehold land in Batu Ferringhi, Penang to Crescent Consortium Sdn Bhd (“CCSB”) for RM25 million (RM98.43 psf). The market value of the land is worth RM20 mil, as appraised by CH Williams Talhar & Wong Sdn Bhd on 10 August 2016. The buyer, CCSB, is a wholly owned subsidiary of SDB Properties Sdn Bhd, which is principally involved in property development. SDB Properties Sdn Bhd, in turn, is a wholly owned subsidiary of Selangor Dredging Berhad.
The land is located at the tourist belt of Batu Ferringhi, Penang and is near to famous hotels such as Shangrila’s Rasa Sayang Resort, Golden Sands Resort and Lone Pine Hotel. Selangor Dredging Berhad’s By The Sea project is located about 2 km from the site.
Lot no: Lot 289, Seksyen 2, Bandar Batu Ferringhi, Daerah Timor Laut, Pulau Pinang
Land area: 5.831-acre
Category of land use: Nil
Land price: RM25 mil (RM98.43 psf)
Date of transaction: 5 October 2016
Vendor: Encorp Berhad
Purchaser: Crescent Consortium Sdn Bhd (company of Selangor Dredging Berhad)
1. Land valued by CH Williams Talhar & Wong Sdn Bhd on 10 August 2016 for RM20 mil (RM78.74 psf).
2. Land to be developed into a residential development.