Business Times
KUALA LUMPUR: Berjaya Corp Bhd's unit has signed a sale and purchase agreement (SPA) with the City of Yokohama to purchase a two hectare site in Minato Mirai, Nishi for a purchase price of RM407.3 million (JPY12.61 billion).
The deal signed on Mar 29, 2024 comes more than a year after it first announced the purchase in December 2022.
Berjaya Yokohama Hospitality Asset TMK plans to develop Four Seasons Hotel & Hotel residences on the site.
Berjaya Yokohama has fully settled the RM407.3 million as at the date of signing the SPA.
As part of the deal Berjaya Yokohama has also entered into a lease agreement with Yokohama City for the lease of three water-front parcels of land for an annual lease payment of RM101,573. The lease term is 5 years from April 1, 2024 until March 31, 2029.
They will re-enter a new lease agreement in 2025, before Berjaya Yokohama starts the construction of any building, for a longer lease term such as 20 years together with a renewal clause thereafter.
Berjaya Corp's share price closed 1.67 per cent lower to 29.5 sen a share.