Sunway said its wholly-owned subsidiary, Sunway Forum Hotel Sdn Bhd, will receive RM340 million for the property, which comprises the Sunway Clio Hotel, a three-storey retail space and a multistorey car park.
The project has a total gross development value (GDV) of RM144.48 million, on the back of gross development cost of RM126.88 million.
The 5,000-acre City of Elmina township situated along the Guthrie Corridor Expressway has been earmarked as the new growth corridor of the Klang Valley.
On prospects, Bina Darulaman said its core businesses, particularly the property development, are expected to record “respectable performance” for the financial year ending Dec 31, 2017 (FY2017)
The acquisitions are estimated to be completed by February 2018.
Key jobs eyed include the East Coast Rail Link (ECRL), MRT3, high-speed rail linking Kuala Lumpur to Singapore, and Pan Borneo Highway in Sabah.
IGB REIT said the distributable income for 2QFY17 amounted to RM76.8 million or 2.19 sen per unit, consisting of realised profit of RM67.7 million and the non-cash adjustment arising mainly from manager fee payable in units of RM8.2 million.
The corporate exercise will see Co-Prosperity’s wholly-owned subsidiary Full Winning Developments Ltd subscribe 43 million new shares of Yong Tai at RM1.26 per placement share.
Glomac said the exercise will involve the issuance of up to 74.82 million shares to shareholders whose names are listed in the Record of Depositors on a date to be fixed later.
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