PETALING JAYA: Crescendo Corp Bhd
, via its wholly-owned subsidiary Crescendo Development Sdn Bhd (CDSB), is disposing of a piece of freehold land in Johor Baru to Wilgain Resources Sdn Bhd for RM4.02mil.
In a filing with Bursa Malaysia, Crescendo said the related party transaction involved the disposal of a piece of land measuring approximately 2,903 sq ft, together with a four-storey shop office with a built-up area of 11,027 sq ft to be erected thereon.
“CDSB is the developer of Desa Cemerlang (in Johor Baru), an ongoing mixed development project, as well as the registered and beneficial owner of the property,” the firm said.
Crescendo said the rationale for the disposal is to generate cash flow for the group and increase the occupancy of the shop offices in this phase.
