Renaissance United acquires seven serviced apartments in Malaysia

The net aggregate purchase price is $1.08m.

Renaissance United Limited, through Renaissance United Assets, has acquired seven serviced apartments in the upcoming Skyline One Sentosa development in Johor Bahru, Malaysia.

The net aggregate purchase price is $1.08m (RM3.5m), following a rebate from the vendor.

The group said the acquisition is a reinvestment of proceeds from a prior project sale and reflects the company’s property development segment expansion.

As the properties are under construction, there is no current income or loss attribution. The acquisition will not affect net tangible assets or loss per share in the short term.

Payments will be made in instalments, with the development expected to be completed within 66 months from the acquisition date.

($1=RM3.25)

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