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Flash Note – Benalec Holdings (TR BUY, maintain) - Disposing more land in Melaka




Affin Hwang Investment Bank Bhd


24 Sep 2013





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Disposal of six pieces of land in Melaka for RM51.0m at RM39 psf Benalec announced that Orientalcove Property, a wholly-owned subsidiary company of Benalec Sdn Bhd which in turn is a wholly-owned subsidiary of Benalec, had on 24 September 2013 entered into a Conditional Sale and Purchase Agreement with Ultra Harmony Development to dispose of six pieces of leasehold vacant land in Pekan Klebang Seksyen III, Daerah Melaka Tengah, Melaka measuring a total of approximately 121,404 sq m for a total cash consideration of RM51.0m or ~RM39 psf. This sale follows the disposal of eight pieces of land measuring a total of ~168,160 sq m in the same vicinity for a total cash consideration of RM54.3m or ~RM30 psf two months ago.

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