Aeon Co (M) Bhd is selling the Aeon Mahkota Cheras Shopping Centre and the freehold land on which it sits for RM87.8mil.The Japanese retail giant’s subsidiary said the proposed disposal to Foremost Wealth Management Sdn Bhd would give it an estimated gain of RM17mil for this financial year ended Dec 31.
The property has a net book value of RM67.4mil for the financial year ended Dec 31, 2016. The two-storey shopping centre building is seven years old. Aeon said the proposed disposal was in line with its corporate strategy of focusing and developing its future retail business. The cash proceeds would be used as working capital of the company and to reduce its borrowings.
Article adopted from The Star
Title No: HSD 142740
Lot No: PT No Plot 55919, Mukim of Cheras, District of Ulu Langat and State of Selangor
Land area: 28,328 sqm (7-acre)
Category of land use: Commercial
Building Area: 299,979 sqft
Transaction price: RM87.8 mil (RM292 psf on building area/RM287 psf on land area)
Date of transaction: 29 June 2016
Vendor: AEON Co. Malaysia Bhd
Purchaser: Foremost Wealth Management Sdn. Bhd.
Note: Property valued by Henry Butcher Sdn Bhd at RM87.8 mil