Ibraco selling 6.5ha land in Kuching

REAL ESTATE and property developer, Ibraco Bhd, is selling a total number of 6.5ha of land in Kuching, Sarawak, to Wansa Realty Sdn Bhd for RM14.2 million.

The demand for office buildings and exhibition buildings in the subject area is expected to be limited.

The company told Bursa Malaysia Bhd that the disposal will avoid potential holding cost should Ibraco build and sell the office and exhibition buildings.

The sale consideration is about 2.7 per cent above the market value of the land.

By Business Times