Tan: Investors turn to collectable art as property market cools
Investors are increasingly turning to collectable art as an alternative to property while waiting for the real estate market...
The property, known as The Heritage Tower @ Mines Wellness City, has a gross floor area of 29,886 sq metres and a net lettable area of about 14,167 sq metres, the group said.
Country Heights said its wholly-owned subsidiary, Country Heights Sea Resort Sdn Bhd, has signed a Memorandum of Contract with auctioner Ng Chan Mau & Co Sdn Bhd for the acquisition of the property from Mines Resort Sdn Bhd and Work@H Sdn Bhd.
It said the acquisition is in line with its corporate exercise and transformation plan to create a larger capitalisation, better value, and greater economies of scale for the group.
The group added that the acquisition has no material effect on its earnings and net tangible asset for the financial year ending Dec 31, 2022.
Shares of Country Heights closed down two sen or 5.41% at 35 sen, giving the group a market capitalisation of RM105 million.
