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KUALA LUMPUR: Equine Captial Bhd announced on Tuesday, Oct 26 that it plans to sell Wisma KLIH along with the land the building sits on for RM58 million to Wonderful Vantage Sdn Bhd.
Wisma KLIH is a 14-storey office building that sits on a 0.16-acre parcel of freehold land on Jalan Bukit Bintang, Kuala Lumpur. It has 71,709 sq ft of gross floor area and 55,208 sq ft of net lettable area.
The disposal of the property was to streamline the Group’s business activities and needed to off-load its non-core assets.
“The financial expenditure to upgrade the property and the maintenance cost will consume considerable resources before the property’s occupancy rate can be improved and generate a meaningful yield to the Group,” it said.
Part of the proceeds of the sale will go to paying outstanding loans to reduce the Group's gearing. The remaining proceeds will be used as working capital for the property development activities of the Group.
Equine Capital Berhad, an investment holding company, engages in the development of residential and commercial properties in Malaysia.
