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SUTL proposes disposal of Johor Bahru property for RM11.5 mil

The property was intended for the operation of Puteri Harbour Club which had its membership scheme scrapped in Feb 2022.

SUTL Enterprise BHU has announced its subsidiary Sarandra Malaysia has entered into a sale and purchase agreement for the sale of its property located in Mukim Pulai District, Johor Bahru, at a purchase consideration of RM11.5 million ($3.3 million).

Sarandra has also entered into a sale and purchase agreement with the same private Malaysian company for the sale of the sheet piles erected or located on the property for a purchase consideration of RM400,000.

The property is a freehold land site with a gross land area of approximately 4941.3 sqm, intended for the development of the existing marina in Puteri Harbour, as well as for the operation of a proprietary yacht club and sports centre.

In February 2022, the membership scheme for the yacht club, Puteri Harbour Club, was terminated. As the property had been intended only to be used for Puteri Harbour Club, Sarandra took steps to dispose of the property.

Based on its latest valuation as at Oct 27, 2021, the property was valued at RM10 million. As at June 30, 2023, the book value of the property was approximately $2,890,000.

Given the purchase consideration, SUTL’s gain on disposal stands at approximately $433,000.

The net asset value (NAV) of the property would make up 4.7% of the group’s total NAV.

Shares in SUTL closed 2 cents ot 3.03% up at 68 cents on Nov 20.

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