KUALA LUMPUR, Nov 29 (Bernama) -- Country Heights Holdings Berhad (CHHB)’s board of directors has authorized the appointment of Golden Touch Investment Bank Ltd (GTIB) as its representative to bid for the Heritage Tower at a public auction.
 
The Heritage Tower is located at the Mines Resort City with a valuation of RM80 million and with a rental income of RM6 million gross per annum. 
 
The said property will be auctioned for the third time by Ng Chan Mau & Co who represents and appointed by Maybank.  This third auction has been announced two days ago and will be held on 9 December 2021 with unusual situation with the reserved price has gone back to RM60 million. 
 
The first auction was priced at RM60 million on 20 August 2021; the second time was on 8 October 2021 with the reserved price at RM54 million; and for this third time, it is understood that the auction price will go down by 10 percent. 
 
The BOD has given a mandate for GTIB to bid with 10 percent of deposit based on the first and second proclaim of sales and the date of the settlement is within 120 days.       
 
This proposed acquisition is part of the overall corporate exercise and transformation plan to create a larger capitalization, better value and greater economies of scale for CHHB and will also better separate the interests of shareholders and the company.

Background information:
 
The Heritage Tower
 
This property is part of a lake view luxury mixed development developed in 2006 and contains all the facilities and features to attract investors from all over the world.   The Heritage project is a beautiful development comprising the commercial office block, Heritage Tower, 5 blocks containing 18-storeys in each block and 2 levels of retail space.

Sub-divided into three-main areas, there are a total of 842 units in the development and the residents have an option to select from different designs of the units.  The built-up area of the units starts from 480 sq ft and goes up 1514 sq ft depending on the selection of the design of the unit.  The office area consists 10 floors of office spreading over 150,000 sq ft and 2-levels of 68 retail outlets with a total built-up of approximately 105,000 sq ft.
 
Country Heights Holding Berhad (CHHB)

With the motto of “Ever Searching for Better Living”, Country Heights Group of Companies is founded by Tan Sri Lee Kim Yew and officially incorporated on the 10^th of May 1984 as a private limited company.  Country Heights began as a property developer showcasing a unique touch in delivering beautiful country-styled homes in Malaysia and was listed on the Main Board of Bursa Malaysia in 1994.
 
Today, Country Heights is a lifestyle property developer with a diversified business portfolio in Hospitality, Wellness, Lifestyle, Tourism, Automotive and Investments. The company has strong track-record as the master developer of over 560 million square foot of space around the world, and its past projects include some of the world’s well-known landmarks such as the London ExCel Exhibition and Conference Center and the Mines Wellness City in peninsular Malaysia.  
 
Golden Touch Investment Bank Ltd
 
Golden Touch Investment Bank Ltd (“GTIB”) was founded by Malaysia’s prominent entrepreneur, Tan Sri Lee Kim Yew, and aims to be one of the world’s leading investment banks that offers comprehensive financial solutions to the clients. We provide services to a substantial and diversified client base, which includes corporations, financial institutions, governments and high net worth individuals.
 
GTIB was registered in Labuan International Business and Financial Centre on 28th November 2019 and was bestowed with the investment banking license by Labuan Financial Services Authority (Labuan FSA) on 18th August 2020.

Source: Golden Touch Investment Bank Ltd

FOR MORE INFORMATION, PLEASE CONTACT: 
Group PR and Marketing Department, CHHB 
Name: Shafina Syafei
Tel: 012 9621669 
Email: shafina.s@countryheights.com.my  

Name: Carol Yeoh
Tel: 012 694 1368
Email: info@gti-bank.com 

--BERNAMA