Further to our announcement dated 1 November 2019, in respect of the aforesaid matter, the Board wishes to provide the following additional information:

1.  Details of the Land

 The Land is free from encumbrances with a net book value of approximately RM4.3 million based on the latest audited financial statements. The latest valuation carried out by an independent registered valuer Henry Butcher Malaysia (HBM) was on 9 May 2013. HBM applied the comparison method of valuation to assess the market value of the Land at RM8.07 million.

2. Details of the Development Project

The basis and justification in arriving at the sum of RM14.78 million was RM55 per square foot based on the Land area of approximately 6.17 acres. This determination was based on a mutually agreed basis, after taking into consideration the Land costs and development charges incurred as well as the expected margin for the Development Project.

The gross development cost of the Development Project is approximately RM40 million. The construction works for the Development Project is expected to commence in June 2020, however it is subject to the approval of building plan by building department from local authority and other relevant authorities and bodies. JSC shall complete within twenty four (24) months from the date of obtaining developer’s license and sale and advertisement permit (APDL) under the Housing Development (Control & Licensing) Act 1966.

This announcement is dated 6 November 2019.