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Berjaya Assets to lease office units in Menara MSC Cyberport, Johor Bahru

25/07/2022 07:03 PM

KUALA LUMPUR, July 25 (Bernama) -- Berjaya Assets Bhd’s wholly-owned subsidiary, Berjaya Times Square Sdn Bhd (BTS) has entered into a rent cum option to purchase agreement with Extreme Broadband Sdn Bhd (EBSB) on two propositions.

In a filing with Bursa Malaysia today, Berjaya Assets said its unit had proposed leasing 42 untenanted office units in Menara MSC Cyberport in Johor Bahru for a period of three years.

The term commences from Aug 1, 2022 until July 31, 2025, for a total monthly rental of RM250,000 in cash.

BTS has also proposed granting an option to EBSB to purchase a total of 72 office units, including the rental property in Menara MSC Cyberport, with an option to purchase at any time during the tenancy term for a total cash consideration of RM69.6 million.

The property, with a lettable area measuring a total of about 2.58 hectares, is located within Menara MSC Cyberport and sits on a piece of freehold land with a 30-storey office tower block with 694 parking bays and car park basements.

As at March 31, 2022, the property has a net carrying amount of about RM105.73 million in the books of BTS.

“The proposed leasing will provide additional cashflows in the form of rental income to the Berjaya Assets group whilst the proposed option represents an opportunity for BTS to unlock the value of the property,” the group said.

Berjaya Assets said the leasing will not have any material effect on the earnings, net assets and gearing of the group, while the proposed option will also not have any material effect on its net assets and gearing.

“However, the group is expected to record an impairment loss in value of investment properties of approximately RM36.12 million from the proposed option for the financial year ended June 30, 2022,” it added.




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