View Full Version : Subang Parade up for sale... RM223.41m

25-10-2002, 08:12 PM
<font size="+1">Subang Parade up for sale</font>

Composed: 24/10/2002 | Modified: 24/10/2002 9.25pm

Chocolate Products to sell Subang and Mahkota Parades for RM370 mln
By Thomas Soon

Chocolate Products (Malaysia) Bhd is selling two renowned shopping malls – Subang Parade in Subang Jaya and Mahkota Parade in Malacca – for a total of RM370 million cash to be used to pare the group’s debts.

It has proposed to sell the two shopping malls and the two parcels of land to Onyee Holdings Sdn Bhd – Subang Parade for RM223.41 million and Mahkota Parade for RM146.59 million.

Chocolate Products said... its wholly owned subsidiary Lion Subang Parade Sdn Bhd had on Oct 21 accepted a letter of offer from the purchaser for the disposal of Subang Parade and freehold land.

The company said the option was valid for a period of three months from the date of the first payment by Onyee and the deposit of the bank guarantees for the disposal of Subang Parade.

Lion Subang operates Subang Parade, which is erected on a parcel of freehold land measuring about 5.2ha, which includes 0.8ha vacant land adjoining the shopping complex. As at Sept 30, Subang Parade, which has a gross built-up of 1.2 million sq ft and a net lettable area of 485,791 sq ft, has a 94 per cent occupancy rate.

Chocolate Products said Lion Subang’s net profit for the past three financial years ended June 30, 1999 to 2001 was about RM22.10 million, RM8.88 million and RM12.32 million respectively. As at June 30, 2001, it has a net book value of about RM274.38 million.

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