Enra cuts further stake in Shamelin Star developer

KUALA LUMPUR: Enra Group Bhd has sold a further 30% stake in Landmark Zone Sdn Bhd (LZSB), which is undertaking a mixed property development project in Kuala Lumpur, to Meridian Hectares Sdn Bhd for RM13.9mil in cash.

In a filing with Bursa Malaysia on Friday, the property firm said the disposal consideration was arrived at on a “willing-buyer willing-seller” basis after taking into consideration the realisable net assets value of LZSB of about RM46.23mil.

Last year Enra (formerly Perduren (M) Bhd) disposed of a 30% equity stake in LZSB to Meridian Hectares for RM8.3mil, reducing its stake in LZSB to 70%.

LZSB has a joint venture with land owner Koperasi Shamelin Bhd to develop Shamelin Star comprising two blocks of 29-storey serviced apartments in Taman Shamelin Perkasa with 630 units of apartments, 32 units of retail lots, car park and a club house.

Shamelin Star, with an estimated gross development value of RM341.58mil, was launched in July 2013 and was scheduled for completion by the financial year ending March 31, 2017.