Symphony Life Bhd‘s wholly-owned unit Prestige Capital Sdn Bhd is planning to sell six parcels of industrial development land in Ulu Langat, Selangor to Perdana Park City Sdn Bhd for RM250 million, which is more than two-thirds of Symphony Life’s market capitalisation.
Symphony Life said Prestige Capital has accepted a letter of offer dated Sept 8 from Perdana Park City, to acquire the adjoining plots on 13 Oct 2020.
The site, measuring 397 acres, is located near the under construction EKVE Highway, which will enjoy great accessibility to other parts of Klang Valley when it is completed. Although the sites were announced as industrial development land, it is not surprise if Perdana Park City Sdn Bhd will eventually turn the site into another “Desa Park City”, given that both sites share the same similarities and the developer is well known in building residential township than industrial park.
The transaction price of RM250 mil works out to be only RM14.45 psf. The proposed disposal is subject to sale and purchase agreement, of which the terms and conditions are to be determined at a later stage. The disposal by Symphony Life Bhd is also subject to the approval of its shareholders.
Lot no: Lot 51720, 51721, 51722, 51723, 53727, 52728 and 53729, Mukim and District of Ulu Langat, Selangor Darul Ehsan
Land area: 397 acres/17,305,138 sq.ft
Category of Land Use: Industrial
Land Price: RM250 mil (RM14.45 psf)
Date of transaction: Letter of Offer dated 8 Sep 2020 accepted by Prestige Capital Sdn Bhd on 13 Oct 2020
Vendor: Prestige Capital Sdn Bhd
Purchaser: Perdana Park City Sdn Bhd