Benalec sells reclaimed land in Malacca for RM54.3m

KUALA LUMPUR: Benalec Holdings Bhd is selling eight pieces of leasehold reclaimed land, totaling 16.81ha, in Malacca for RM54.31mil.

It said on Wednesday it was selling four pieces of the land to Highbond Capital Sdn Bhd for RM27.156mil and another four pieces of land to Gigayear Revenue Sdn Bhd for RM27.158mil.

Benalec said the plots of land were within Klebang Beach, Pekan Klebang Seksyen II in Melaka Tengah, which was about 7.5km southwest of Melaka city centre.

"The land is a reclaimed land received from reclamation projects in Melaka which involve settlement 'in kind' and subsequently to be disposed off for cash," it said.

Proceeds from the land sale would be used to finance on-going projects and for the group's working capital. Benalec expected to realise a net gain of RM7.05mil from the sale of the land.