YTL REIT has entered into a sale and purchase agreement with Syuen Hotel Berhad for the acquisition of the Property for a total cash consideration of RM55 million.
The Purchase Consideration was arrived at on a “willing-buyer willing-seller” basis after taking into consideration the market value of the property of RM58,000,000 as ascribed by the Independent Valuer. The Independent Valuer has assessed the market value of the property using the Comparison Approach.
Syuen Hotel is located within the City Centre of Ipoh which will augment YTL REIT’s Malaysian portfolio with its strategic location in Ipoh. A good all-around accessibility serving the general vicinity of the Property is facilitated by the existing major transportation networks i.e. Jalan Sultan Idris Shah, Jalan Raja Dihilir, Jalan Sultan Iskandar, Jalan Sultan Nazrin Shah, Jalan Sultan Azlan Shah, Jalan Panglima Bukit Gatang Wahab and Jalan Kuala Kangsar which form part of the comprehensive transportation network facilitating efficient traffic flows from City Centre of Ipoh.
YTL believes these connections enhance the accessibility of the Property to and from the other strategic economic areas within the state of Perak. The Property is located within the City Centre of Ipoh. It comprises mainly of shopoffice/houses, hotels, malls/supermarket, office and condominium/service apartments.
