Posted by Jimmy Song > 2018-06-28 21:17 | Report Abuse

Crest Builder Holdings Berhad’s (“Crest Builder” or “the Group”) wholly owned subsidiary, Nepfield Sdn Bhd (“Nepfield” or “the Vendor”) today entered into a Sale and Purchase Agreement (“SPA”) with Sunrise Pioneer Sdn Bhd (“Sunrise Pioneer” or “Purchaser”), a property development company which is a wholly owned subsidiary of UEM Sunrise Berhad for the proposed disposal of a 1.189 hectare parcel of freehold land under a willing buyer and willing seller basis for a total cash consideration of Ringgit Malaysia Thirty Four Million Ringgit and zero cents only (RM34,000,000.00) (“Disposal Consideration”). The freehold land is held under Geran Mukim 1059 Lot 1863, Tempat Sungei Teba, Mukim Batu, Daerah Kuala Lumpur, Negeri Wilayah Persekutuan Kuala Lumpur and is located at Off Jalan Kiara 5, Mont’Kiara, Kuala Lumpur and is approximately 1.189 hectares in size. This effectively translates to a price per square feet (“psf”) of RM266 with its disposal consideration of RM34.0 million. Under the terms of the transaction, the 30% of the disposal consideration or RM10,200,000 will paid to the Vendor upon the execution of the SPA as a deposit (“Deposit”) while the remaining 70% or RM23,800,000 will be paid to the Vendor’s solicitors as stakeholders on or before the expiry of the completion period which is fourteen (14) days from the unconditional date or on or before 30 August 2018. The disposal of the parcel of land will strengthen the Group’s financial position and enable the Group to have additional working capital which it will use for its construction segment which has a total outstanding construction order book of approximately RM900 million as at 28 June 2018. “We are pleased to have entered into this SPA with Sunrise Pioneer for the disposal the 1.189 hectare of land of which we are expected to realise an expected gain on disposal, net of tax, of approximately RM15.24 million which we will recognise for the financial year ending 31 December 2018 (“FYE2018”). The disposal proceeds will allow the Group to have additional working capital to provide exceptional delivery for the various construction projects that we under our belt.” commented Mr. Eric Yong, Group Managing Director of Crest Builder Holdings Berhad.