Ideal to acquire 1st Avenue Mall in George Town for RM153m
Kuala Lampur, Sept. 13 -- Ideal United Bintang International Berhad (IUBIB) has announced to Bursa Malaysia its proposed acquisition of 1st Avenue Mall in George Town at RM153 million today.
The company's subsidiary, I Homes Properties Sdn Bhd (IHomes), entered into a conditional sales and purchase agreement with 1st Avenue Mall Sdn Bhd (1AMSB) for the proposed acquisition of the property located along Magazine Road based on a willing-buyer willing-seller basis.
IUBIB, in a statement issued today, said the agreement was signed after taking into account the market value of the property of RM220 million and the purchase consideration was at a 30.45 per cent discount of the market value.
1st Avenue Mall, opened nine years ago, has 407,076...
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