PETALING JAYA, 15 November: Damansara REIT Managers Sdn Bhd, the manager of Al-`Aqar Healthcare REIT, has entered into a sale and purchase agreement with Optimum Impress Sdn Bhd to sell a freehold land with an integrated commercial development comprising a 27-storey hotel, known as Hotel Selesa and a 31-storey office block with basement and elevated car parks, for RM100 million cash.
The proposed disposal will enable Al-`Aqar to realise the value of its investment in Hotel Selesa Tower and use proceeds for the repayment of bank borrowings, working capital and/or future acquisition.
The disposal price was arrived at on a “willing-buyer willing-seller” basis, after taking into consideration the valuation of Selesa Tower of RM100 million as valued by Messrs Cheston International (KL) Sdn Bhd, the independent valuer, vide its valuation report dated Oct 11, 2016 based on the profits and comparison method for Hotel Selesa and investment and comparison method for Metropolis Tower.
— THE SUN