Far East Development (00035) subsidiary plans to sell Plaza Damas's commercial development project for MYR 55 million

Zhitong Financial App News, Far East Development (00035) issued an announcement. On December 22, 2025, the seller Target Term Sdn. Bhd. (an indirect wholly-owned subsidiary of the Company) and buyer Surplus Pact (MM2H) Sdn. Bhd. enters into a sales agreement where the seller conditionally agrees to sell and the buyer conditionally agrees to purchase such assets. The total cost is MYR55 million (equivalent to approximately HK$105 million), subject to the terms and conditions of the sale agreement.

As of the date of this announcement, these assets are wholly owned by the seller. These assets are a commercial development project called Plaza Damas, located in Mukim Kuala Lumpur, Daerah Kuala Lumpur, Negeri Wilayah Persekutuan Kuala Lumpur, Malaysia, including 1,099 parking spaces on the B1 and B2 floors of Plaza Damas Phase I; 589 parking spaces in Plaza Damas Phase II P1A to P3A; Waldorf and The residential unit B-21-03 on the 21st floor of Windsor Tower Service Apartments of Plaza Damas has a construction area of about 112 square meters, with 414 parking spaces attached to the ground floor, 1st to 5th floors; and Store No. 48 on the 3rd floor of Dorchester of Plaza Damas, with a construction area of about 20 square meters and 62 parking spaces.

The directors believe that the transaction will enable the Group to realise the value of such assets; enable the proceeds of the transaction to be realized and capital can be recycled; and increase the Group's working capital and reduce the Group's net asset liability ratio. The directors believe that the transaction is consistent with the Group's strategy to sell non-core assets.