Sagajuta selling Novotel Kota Kinabalu for RM79m
Sagajuta Sabah Sdn Bhd, a private entity owned by Datuk Raymond Chan Boon Siew, is selling the Novotel Kota Kinabalu 1Borneo Hotel at an indicative price of RM79 million.
The 16-storey four-star hotel with 269 rooms is being disposed by Sagajuta, which is also owned by Mohd Nazifuddin Najib and Chu Li Tan, among others. According to sources, the hotel has found nine interested bidders so far.
Sabah-based Sagajuta, which is mainly a property development company, also owns the leasehold shopping complex 1Borneo Hypermall in Jalan Sulaman at Kota Kinabalu.
Its recent deals include the 1Likas construction project which has a contract value of RM776 million and the 1Sulaman project, with a gross development value of RM500 million.
According to The Star, originally, Sagajuta was meant to be injected into Chan’s public-listed company Naim Indah. In fact, Naim Indah planned to buy a 60 percent stake in Sagajuta for RM240 million.
However, Naim Indah axed the proposed acquisition agreement on 11 June since “Sagajuta’s rationalising exercise of disposing their assets for immediate funding of Sagajuta group’s working capital requirements” would “inevitably affect the injection value”.
source: http://www.propertyguru.com.my/property-news/2013/7/10175/sagajuta-selling-novotel-kota-kinabalu-for-rm79m
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