Berjaya Starbucks Coffee Company Sdn Bhd the franchise owner of Starbucks in Malaysia is looking to pick up 2 commercial lots in Berjaya Times Square which is owned by its parent company Berjaya Time Square Sdn Bhd (BTS) for RM15.67 million or at RM650 per sq. ft.
The property, with a total floor area of about 24,115 sq. ft. comprises 2 freehold commercial units of which substantial portions of about 19,524 sq. ft. were subdivided into 6 office lots and are currently tenanted to BStarbucks and other party as their offices. The remaining floor area of approximately 4,591 sq. ft. is currently not occupied
The Property was completely developed by BTS in 2003 and has a net carrying value as at 30 June 2021 of about RM9.77 million. The Consideration for the Proposed Acquisition was arrived at after taking into consideration the market value of RM15.7 million as appraised by the independent valuer, Messrs Jordan Lee & Jaafar Sdn Bhd
BTS was incorporated in Malaysia in 1984 and its existing issued share capital is RM750.00 million comprising 750.00 million ordinary shares. It is principally involved in property investment, property development, and investment holding. Currently, BTS is a wholly-owned subsidiary of BAssets, a company listed on the Main Market of Bursa Malaysia