KUALA LUMPUR: Malton Bhd's subsidiary, Pembinaan Gapadu Sdn Bhd, today signed a conditional sale and purchase agreement with Sering Manis Sdn Bhd (SMSB), a 51 per cent-owned subsidiary of Global Oriental Bhd, to acquire four parcels of Genting Land's freehold land for RM65 million.
In a filing with Bursa Malaysia, Malton said the proposed development for the Genting land is expected to include serviced apartments and luxury villas.
The company said the 12.2-hectare land is located east of Jalan Meranti, which connects to the main road leading to Resorts World Genting, south of Genting View Resort in Genting Highlands, Pahang.
"Based on the planning approval obtained by SMSB and our internal assessment, the Genting land is expected to generate an estimated gross development value of approximately RM1.29 billion from the proposed development.
"As the proposed development is still in its preliminary stage, the total development cost, expected profits, and commencement date are yet to be determined," it said.
In a separate statement, Global Oriental said the group expects to realise a net gain of RM7.5 million from the disposal of freehold land.
"Proceeds from the disposal will reduce borrowings and secure working capital for future projects and opportunities," it added.
The disposal is expected to be completed within four months from the unconditional date or ten months from the date of the proposed disposal.