Monday, July 11, 2011

E&O sells building, land on Penang island for RM134m

KUALA LUMPUR: Eastern and Oriental Bhd (E&O) is expected record about RM66 million in profit from the sale of a building and freehold land in Tanjong Tokong on Penang island for RM134 million cash, if based on the building and land costs totalling RM67.74 million.

The company said on Monday, July 11 its unit had entered into a sale and purchase agreement Soaring Profit Sdn Bhd to sell the 27,743.7 sq metres of land and building with 269,418 sq ft of gross floor area and 1,042 car park bays.

The E&O group's original cost of investment in the Land made in May 2004 was RM13.57 million while the CONSTRUCTION [] cost of the building incurred from March 2009 to May 2011 was RM54.17 million.

E&O said the property was part of Phase 1 of the Seri Tanjung Pinang development project measuring approximately 240 acres. The project includes the development of terrace and semi-detached houses, bungalows, condominiums, apartments and commercial and retail PROPERTIES [].

Based on the audited consolidated financial statements of E&O as at March 31, 2010, the carrying amount of the property was about RM19.22 million.

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