Hap Seng sells Sabah land for RM90m

By TMR

Hap Seng Consolidated Bhd’s subsidiary Hap Seng Properties Development Sdn Bhd is selling two parcels of land totalling 59.6 acres in Tawau, Sabah for RM90.13 million to Goldcoin Ventures Sdn Bhd.

In a filing to Bursa Malaysia yesterday, Hap Seng noted the both parcels of land are situated at Mile 10, Apas Road, District of Tawau, Sabah.

The proposed disposals are expected to give rise to a significant gain as the net book value of the said parcels as at Dec 31, 2017, were RM10.07 million including deferred development expenditure.

The money from the sale will be utilized to reduce the group’s borrowings and for working capital of the group.