Somerset Holdings Sells Prime Office Property in Penang
Somerset Holdings, through its associated company, Meridian Atlantic Sdn Bhd, has entered into a sale and purchase agreement with Arab- Malaysian Credit Berhad to sell part of its office property at Penang's Jalan Ahmad Shah for RM 7,836,500.
The sale involves the podium section of the 26-storey office tower which is located at Penang's new financial belt, where many banks and financial institutions are situated.
The podium comprises 2,913 sq metres on the ground, first, second and third floors of the building. The sale also includes 35 carpark lots.
The transaction will result in a revenue gain of RM 1,573,158 and Somerset will record its share of the gain, RM 471,948 in its accounts for the financial year ending December 2000.
The sale is in line with Somerset Holdings' strategy to divest its non-core assets and focus on its core serviced residence and retail property business. Proceeds from the divestment of its non-core properties will be reinvested to expand its core business.
The entire office development comprises 11,628 square metres of office space. The building boasts an efficient layout with almost column free space, individually controlled air-conditioning metred to each unit and high speed lifts. Round the clock security is provided with CCTV cameras.
Somerset Holdings is a leading owner and manager of serviced residences and retail properties in the Asia Pacific region.
The company is the hospitality and retail subsidiary of Pidemco Land, and is publicly listed in Singapore. Somerset Holdings owns or manages 3,200 serviced residence units and 307,000 square metres of retail space in 21 cities in 11 countries in the Asia Pacific.
Ida Lim, Vice President
Investor Relations & Corporate Communications
Tay Cheng Cheng, Assistant Manager
Issued by:Somerset Holdings Limited