KUALA LUMPUR (Oct 5): Lien Hoe Corporation Bhd’s wholly-owned subsidiary Christine Resorts Sdn Bhd has obtained Planning Permission (KM) Layout and Surrender Back and Re-alienation (SBKS) approvals from Johor Land and Mines Department for a 27.93-hectare land that formed part of a larger mixed development located within Bandar Seri Alam in Masai, Johor.

In a filing with Bursa Malaysia on Tuesday, it said with the approval, the company has fulfilled clause 1.1 of the sales and purchase agreement (SPA) with Countryland Realty Sdn Bhd, enabling it to sell the land for RM88.66 million.

“The approvals were obtained within the timeframe as mutually agreed upon by Christine Resort and Countryland Realty in accordance to clause 1.1(b) of the SPA.

“It has no requirements for affordable housing with usual standard terms which are imposed on development of similar size and nature, which are acceptable to Countryland Realty,” it said.

On Sept 4 last year, Christine Resorts entered into an SPA with Countryland Realty to dispose of the land for either RM88.67 million in cash or a reduced sale price of RM64.621 million without a development order.

Lien Hoe’s core business segments are hotel, property investment and property development.