PETALING JAYA: Property developer UOA Development Bhd will sell a 18-storey office building to UEM Group Bhd for RM173.25mil cash.
In statement to Bursa Malaysia, UOA the leasehold commercial tower – which includes a mezzanine floor to be constructed – is located within the Bangsar South enclave along Jalan Kerinchi. The property is known as Tower 1, Avenue 7, Horizon Phase 2.
“The proposed disposal allows the company to realise the fair value of its investment property and enables the company to look for potential acquisition of investment property which may provide better yield for the benefit and growth of the company.
“In the interim, the proceeds from the proposed disposal will be put into fixed-deposit accounts with financial institutions,” UOA said.
UOS Price at posting:
40.0¢ Sentiment: LT Buy Disclosure: Held
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