Jastamax Sdn Bhd, a wholly-owned subsidiary of Mah Sing Group Berhad, proposed the sale of an 8-storey block of retail and office space together with two basement levels of carpark within Southgate to Koperasi Permodalan Felda Berhad (KPFB) for RM226 million.
In addition to the sale, there is a two-year leaseback tenure agreement. KPFB will leaseback the 8-storey retail and office space to Jastamax with the latter guaranteeing rental returns for that period.
Southgate was awarded five stars for ‘Best Office Development Malaysia’ in the Asia Pacific Property Awards 2009 sponsored by CNBC Arabiya.
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