KUALA LUMPUR: Puncak Niaga Holdings Bhd
said its wholly-owned subsidiary Puncak Niaga Management Services Sdn Bhd (PNBSSB) is disposing of two tracts of land in Ijok in Kuala Selangor, Selangor, to Alpha Galaxy Sdn Bhd for a combined RM237.15mil cash.
In a stock exchange filing, the group said the two adjoining tracts of development leasehold lands, measuring 228,717sqm and 229,290sqm will be sold for RM118.68mil and RM118.47mil respectively.
The combined disposal consideration of RM237.15mil is a 5.37% premium to the market value of the lands, which stood at RM225.07mil as at Dec 31, 2025.
According to the filing, the lands are currently being leased for plantation purposes by Perniagaan Ngan Choo Seng Dan Anak-Anak for a combined monthly rental of RM16,825.20.
The tenancy period began in Feb 1, 2026, and will run to Jan 31, 2027.
There is a second tenant, Gerbang Alaf Restaurants Sdn Bhd, on one of the properties, which operates the McDonald's Puncak Alam Drive Thru restaurant.
The monthly rental is RM18.662.40, and the tenancy period is from Oct 9, 2025, to Oct 8, 2028.
Puncak Niaga said the proceeds of the sale will go towards repaying bank borrowings after deducting expenses and taxes.
The disposal is expected to be completed by the third quarter of 2030.
