Encorp selling Batu Ferringhi land to Selangor Dredging Bhd (SDB)
Picture for illustration only
Encorp Bhd is selling 2.33ha of freehold land in Bandar Batu Ferringi, Penang to Crescent Consortium Sdn Bhd for RM25 million, Bernama reported yesterday.
In a filing to Bursa Malaysia yesterday, the company said the disposal will enable Encorp to unlock its capital from being tied up as long-term assets, Bernama reported.
The disposal consideration of RM25 million would be used to repay bank loans of RM15 million, disposal expenses of up to RM850,000 and RM9.15 million for general working capital and investments.
Encorp expects the disposal to be concluded by the first quarter of next year.
Looks like this is the land which was initially planned for a Mediterranean-inspired village concept development – Enclave Seaview Residences.
Crescent Consortium Sdn. Bhd. is a unit under Selangor Dredging Bhd (SDB).
Other development by Selangor Dredging Bhd. in Penang – By The Sea
Source: TheEdgeProperty.com.my
Location:
That land is actually under Mukim 3rd grade Grant and is not allowed for developments.
But in Penang there are even some agri-land with apartments erected thereon e.g. in Relau and Sg Ara area.
@alsean That is good to know. What does the Mukim Grant allow for?