langkawi magazine
Archives SECTION
Sheraton Perdana Resort Langkawi Up For Sale
Bidders offered a total of RM136 million for four properties put up for sale by Faber Group Bhd, 11 per cent more than the aggregate indicative price.
Exclusive agent for the tender sales, Zerin Properties said local investors dominated the bidding which will be open for 45 days.
The four hotels up for sale are the 207-room Sheraton Perdana Resort Langkawi, the 268-room Sheraton Kuantan, the 66-room Merlin Inn Johor Baru (JB) and Merlin Inn Cameron Highlands.
'A Bursa Malaysia Bhd main board company is acquiring the Cameron Highlands Merlin Inn, a time-share operator is buying Kuantan Sheraton while JB Merlin Inn is being bought by a Malaysian hotellier,†Zerin Properties chief executive officer Previndran Singhe said.
Despite the recent tsunami disaster, Previndran said a regionally-based hotel chain bid for the Langkawi property at a price exceeding its RM60 million indicative value.
Meanwhile, four remaining properties will now go for sale by private treaty. They are Sheraton Subang Hotels and Towers, Sheraton Labuan, Sheraton Penang and Penang Plaza, which adjoins Sheraton Penang.
Faber Group appointed Jeram Bintang Sdn Bhd as a special-purpose vehicle to set up and dispose of Faber Group`s asset as part of its restructuring exercise. The group reported an impressive turnaround for its nine months ended September 30 2004 to register RM418.4 million net profit from RM447.6 million loss in the same period in 2003.
Kuala Lumpur 27/01/2005
