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Sunway subsidiary plans 340M ringgit divestment of Malaysian properties

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Sunway subsidiary plans 340M ringgit divestment of Malaysian properties

Sunway Forum Hotel Sdn. Bhd., a subsidiary of Malaysia-based group Sunway Bhd., is planning to offload an asset package in Selangor, Malaysia, for 340 million ringgit, subject to certain conditions.

The asset package, comprising a 19-story hotel, a three-story retail building and a six-story podium car park will be divested to Sunway Real Estate Investment Trust. The properties collectively carry a 99-year term leasehold ending Nov. 16, 2108, and feature a gross floor area and retail net lettable area of 798,762 square feet and 88,384 square feet, respectively.

The hotel component of the property, Sunway Clio Hotel, is a four-star rated asset that includes 401 hotel rooms and offers, among other amenities, a swimming pool, exercise area, dining facilities and meeting rooms. In a filing, the seller disclosed that, also subject to conditions, the retail asset and the car park will be leased to fellow units of the Malaysian Group.

The completion of the sale will be three months after necessary conditions are completed, which include procuring necessary shareholder and government approvals.

As of Aug. 3, US$ 1 was equivalent to 4.28 Malaysian ringgit.