MARA Disposes Property in Australia

Diane Foo Eu LynnJanuary 10, 2017

 

One of Majlis Amanah Rakyat (Mara) Inc’s four properties in Australia has been sold recently to repay loans granted by two financial institutions there, according to Mara Chairman Tan Sri Annuar Musa.

“We have to manage our properties in Australia and I am glad to inform that recently we decided to sell one of the properties because I wanted to clear the debts as the purchase of the building was made by taking or borrowing money from Australian banks.”

Mara’s investment arm has opted to divest the asset, and the sale was done a few months back via an open tender managed by an international company, he told the media on Monday (9 January).

Following the sale, the proceeds were used to pay back and reduce Mara Inc’s debts, which is “more manageable now”, added Annuar. However, he didn’t reveal the selling price of the property.

Previously, Australian newspaper The Age reported in 2015 that Mara Inc bought a five-storey apartment in Melbourne known as Dudley International House at a price higher the prevailing market rate at that time.

It alleged that a group of very wealthy Malaysian official had purchased the building in 2013 for A$22.5 million (RM65 million), which is higher than the building’s original cost of A$17.8 million (RM51.5 million) by A$4.75 million (RM13 million). The property was intended to be used as a hostel for Mara’s students.

 

Image sourced from Malay Mail Online

 

Diane Foo Eu Lynn, Senior Content Specialist at PropertyGuru, edited this story. To contact her about this or other stories email diane@propertyguru.com.my

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