Malton Berhad announce that Pembinaan Gapadu Sdn Bhd, a wholly-owned subsidiary entered into a conditional sale and purchase agreement with Sering Manis Sdn Bhd, a 51%- owned subsidiary of Global Oriental Berhad to acquire the Genting Land from SMSB for a purchase consideration of RM65 million.
The Genting Land comprises four parcels of land, a piece of freehold land measuring 2.728 hectares (approximately
6.741 acres) a piece of freehold land measuring 5.776 hectares (approximately 14.273 acres) situated in Bentong and two more land in the area.
SMSB is the master developer and owns approximately 248 acres located adjacent to the Genting Land. As the master developer, SMSB will be constructing common infrastructure to serve the SMSB Land and the Genting Land. The parties have also executed and entered into a cost sharing agreement in respect of costs sharing arrangements in relation to the common infrastructure serving the Genting Land.
Malton sees the proposed acquisition as an opportunity for the Group to acquire a price of prime land in Genting Highlands which has seen an increase in development activities with several other property developers having already acquired land and commenced development within the vicinity which are being marketed as a holiday home or for investment purpose given the cooler temperatures and close proximity to Resort World Genting.
The Proposed Development is also expected to generate an estimated GDV of approximately RM1.29 billion based on the initial planning approvals obtained by SMSB for the Genting Land which would contribute to the Group’s future revenue and earning.
