PETALING JAYA: Star Media Group Bhd
(SMG) is securing sales for its maiden property development project - consisting factory and warehouse – in Bukit Jelutong, Shah Alam.
The company is selling two of five units of double storey semi-detached factory and warehouse annexed with a one-and-a-half-storey office building and other ancillary buildings for RM33mil.
The property is located within the Star Business Hub, an industrial development project in Bukit Jelutong.
Group chief executive officer Alex Yeow said the move augured well for the media group, adding: “This is an excellent take up rate so early in the project, which shows how promising the venture is.
“This is the start of something good,” he said.
The media group, in a Bursa filing, said its wholly-owned subsidiary SMG Land Sdn Bhd had on Feb 10 entered into a conditional sale and purchase agreement with Matang Bhd, a plantation group for the proposed sale.
“The disposal consideration for each parcel is RM16.5mil and the aggregate disposal consideration of the property is RM33mil,” SMG said in a statement.
It added that the disposal consideration was arrived at via mutual agreement between the media group and purchaser, supported by the market value of the property as derived by the valuer.
“The proposed sale is in line with the existing core business operations of SMG Land being the business of undertaking the development and sale of properties,” it said.
SMG said the proposed sale allowed the group to unlock the value of its investment in the property, receive the consideration shares as well as diversifying its interest by investing into oil palm/ plantation sectors.
