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Insas subsidiary disposes land for RM14.87 mln

Last update: 07/12/2018
 
KUALA LUMPUR, Dec 7 (Bernama) -- Insas Bhd's indirect wholly-owned subsidiary, Filmont Holdings Sdn Bhd, has entered into a sale and purchase agreement with Satin Magic Sdn Bhd to dispose of a 0.22 hectare  freehold residential land in Bukit Damansara for RM14.87 million.

In a filing with Bursa Malaysia today, Insas said the sale consideration was arrived at on a “willing buyer-willing seller” basis through direct negotiation between the parties after taking into consideration the land’s market value of RM14.3 million.

“The disposal is part of the group’s asset rationalisation exercise to unlock and realise the increase in the value of its landed assets,” it said, adding that the sale consideration of RM14.87 million represented an appreciation of more than 180 per cent in value since the land was acquired in 2004.
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