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Flash Note – Benalec Hldgs (TR BUY, maintain) - Selling 128.5 acres of land in Melaka for RM235m




Affin Hwang Investment Bank Bhd


20 Mar 2014





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Proposed disposal of 128.5 acres of land for RM235m or RM42 psf Benalec Holdings announced that Jayamas Cekap, a wholly-owned subsidiary of Benalec Sdn Bhd (BSB) which in turn is its wholly-owned subsidiary, had on 20 March 2014 entered into a conditional sale and purchase agreement (SPA) to dispose of 22 pieces of commercial land which have been or will be reclaimed in Kawasan Bandar VI, Daerah Melaka Tengah measuring in total 128.5 acres to Ultra Harmony Development (UHDSB) for a total cash consideration of RM235.1m upon completion of the reclamation works and issuance of land titles. The lands are located 3 km from Melaka town and 6 km from Klebang town, are situated within a locality that is predominantly commercial in nature, and are within the vicinity of other commercial developments, including Dataran Pahlawan Megamall, Hatten Square and Mahkota Parade. The cash consideration works out to RM42 psf.

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