The property is presently rented to an unrelated third-party tenant where the group receives rental income. Under the SPA, the sale of the property is subject to the existing tenancy agreement.
Far East Enterprises (Penang) or Far East Penang, a subsidiary of Far East Group, has agreed to sell its property located at Lot No. 565, Seksyen 11W, Bandar George Town, Daerah Timor Laut in Pulau Pinang, Malaysia for a purchase consideration of RM2.38 million ($714,237.88).
On Sept 2, Far East Group announced that Far East Penang had entered into a sale and purchase agreement (SPA) with Oxford Capital for the freehold land, which comprises a lot area of approximately 233.179 sqm (2,509.92 sq ft), including a two-storey shophouse.
