UOA Development Bhd sold an 18-storey office tower to UEM Group Bhd for RM173.25 million in cash.
The leasehold commercial tower is located within the Bangsar South enclave known as Tower 1, Avenue 7, Horizon Phase 2. This 18-storey office tower with a book value of RM130 million and will give a disposal gain of some RM32.07 million to UOA, representing 25% return on book value.
This Tower 1, Avenue 7, Horizon Phase 2 was transacted at RM173.25mil @ 750psf. Sale price of RM750psf is fair considering the three Horizon Phase 2 en bloc office sales done this year; the first one was sold to DKLS @ RM710psf and while Lembaga Tabung Haji took up two blocks at RM700psf. Additionally, this particular block is larger and taller than the 1st three blocks sold this year.
|Horizon office acquired by UEM|