GuocoLand unit divests Johor Bahru hotel for RM150 million
The group is expected to enjoy a net gain of about RM35 million upon completion of the sale
Property developer GuocoLand is selling a Johor Bahru hotel and the associated land for RM150 million (S$46 million).
The hotel and the land in Bandar Johor Bahru, held by GuocoLand’s subsidiary JB Parade, will be sold to Restoran Kisap, a wholly owned subsidiary of YTL Hotels & Properties.
“The transaction provides an opportunity to realise the capital value of the property and the assets,” said GuocoLand in a bourse filing on Monday (Sep 1).
The combined property has a net book value of RM93 million, with the land area at about 24,040 square metres. GuocoLand is thus expected to enjoy a net gain of about RM35 million upon completion of the sale.
Shares of GuocoLand were 1.1 per cent or S$0.02 down at S$1.86 at market close on Friday.
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