SC Estate Builder sells Alor Setar land for RM8.8mil

PETALING JAYA: SC Estate Builder Bhd is disposing of a piece of land in Alor Setar, Kedah, measuring 5,834 sq metres to Novium Pinnacle Sdn Bhd for RM8.8mil.

In a filing with Bursa Malaysia, the construction company said the proposed disposal will enable the group to use the proceeds to “enhance its working capital to facilitate its renewable energy businesses in solar power plants and affordable houses with solar power on the roof.”

“The proposed disposal will also reduce the group’s operational and maintenance costs of the property.”

SC Builder said it had acquired the property on July 29, 2021 and that the cost of investment is RM6.28mil for the land.

The company said the bulk of the proceeds will be utilised for working capital purposes.