MONT KIARA Specialist Centre (MKSC) has entered into a sale and purchase agreement (SPA) with Sunrise Paradigm Sdn Bhd for the disposal of a 2.8-acre site in Bukit Kiara, Kuala Lumpur for RM17.420mil cash.
MKSC is Landmarks Bhd's 50% subsidiary, while Sunrise Paradigm is a wholly owned subsidiary of Sunrise Bhd.
MKSC and Sunrise Paradigm had also mutually agreed to terminate a development agreement signed on June 23 last year in relation to the development of the land, vide a deed of revocation and mutual release.
In a statement to Bursa Malaysia, Landmarks said the sale consideration was arrived on a “willing buyer willing seller” basis and Sunrise Paradigm had agreed to reimburse MKSC for certain development expenditure incurred.
Under the SPA, MKSC enters into a straightforward disposal of the land with deferred payment arrangement and also receives reimbursement for certain development expenditure incurred. – Bernama
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