Vortex Consolidated is proposing to purchase 187 apartment units from Aset Kayamas located in Genting Highlands for RM246 million,
The proposed serviced apartments are located on the 7th, 12th to 29th, and 46th to 49th floors of Tower A, Antara @ Genting Highlands, as ongoing property development on freehold land. Developed by AKSB the project comprises 4 blocks of serviced apartments with common facilities/amenities, commercial/retail space, and an elevated car park podium.
Antara @ Genting Highlands is situated at well-known leisure and recreational destination. Situated along the western boundary of Jalan Genting Sempah-Genting Highlands traveling from Genting Sempah towards Genting Highlands, the apartments are about 5,412 feet above sea level and approximately 1 kilometer to Resorts World Genting.
Currently, the Group’s property portfolio comprises a mix of commercial and residential properties. The management has been continuously seeking business opportunities to expand the Group’s property portfolio for the property investment segment through acquisitions of companies (that own real estate), land banks, or properties to earn recurring rental income and for capital appreciation purposes which in turn, could contribute positively to the Group’s earnings.
The Proposed Acquisition is an opportunity for the Group to substantially increase its property portfolio as it entails a bulk purchase of 187 units of the proposed serviced apartment of Antara @ Genting Highlands which is strategically located at the well-known leisure and tourism destination in Malaysia, Genting Highlands, which provides wide-range of leisure and entertainment facilities, including gaming, theme park and amusement attractions, dining and retail outlets, as well as international shows and business convention facilities.
Following the completion of the Proposed Acquisition, the Group may rent out the Subject Properties as a vacation rental for rental income, which is in line with its objective and strategy to deliver sustainable growth and value creation to its shareholders in the mid to long-term.
