AmanahRaya REIT finalises resort sale

PETALING JAYA: AmanahRaya Real Estate Investment Trust (AR-REIT) has completed the disposal of its four-star Holiday Villa Beach Resort and Spa Langkawi in Kedah to developer Plenitude Bhd for RM145mil.

In a statement, AR-REIT said it would recognise a gain on disposal of RM45mil, while gearing will improve to 43.5% on pro forma basis, from 45% based on its audited total asset value at Dec 31, 2022.

Meanwhile, RM70mil will be earmarked for the repayment of borrowings, it said.

The 238-room, four-star beach resort hotel occupies three parcels of freehold land in Pantai Tengah, Langkawi.