Sime Darby Sells Estate Land In Kuala Langat to PNB for RM86 mil

Sime Darby Bhd is selling New Lunderston Estate, a freehold tract measuring 297.51 acres, in Selangor for RM85.53 million (RM6.60 psf) cash. The conglomerate’s indirect wholly-owned subsidiary Sime Darby Builders Sdn Bhd has entered into a sale and purchase agreement (SPA) with PNB Development Sdn Bhd, a wholly-owned unit of Permodalan Nasional Bhd (PNB) on 29 June 2016. PNB is the controlling shareholder of Sime Darby holding a 48.79% stake, according to its latest annual report.

Sime Darby said the net book value of the land in Sime Darby Builders was RM30.2 million as at June 30, 2016 (FY16). The proposed disposal is in line with Sime Darby’s strategy to unlock value through monetisation and opportunistic divestments. Sime Darby said it expects to record a gain on disposal (after non-controlling interests) of RM62.4 million by the financial year ending June 30, 2018 (FY18).

Article adopted from TheEdge

Land Info:

Lot no:  Lot 5049, Mukim of Bandar, District of Kuala Langat, Selangor Darul Ehsan
Land area: 297.5-acre (120.4 ha)
Tenure: Freehold
Zoning: Application to convert land use zoning from agriculture to mixed development was submitted on 30 June 2015.
Land price: RM85,533,000 mil (RM6.60 psf)
Date of transaction: 29 June 2017
Vendor: Sime Darby Builders Sdn Bhd  
Purchaser: PNB Development Sdn Berhad
1. Land valued by Jones Lang Wootton for RM78 mil (RM6 psf) on 27 January 2017.
2. Land valued by Hakimi & Associates Sdn Bhd for RM85.533 mil (RM6.60 psf) on 30 September 2016.

Location Map:

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